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Rough times at 10 Rittenhouse

The 33-story, 135-unit luxury high-rise condominium at 130 S. 18th St may be headed towards another Murano-style auction. The units are priced from $600K to $15 M, includes retail and restaurant space. The two-year behind schedule launch of the buildingĀ  in November due to the litigation over preservation and zoning issues along with only a three dozen units sold has prompted the pension fund to take control of the project and its investment of $57 million stake (including late charges and accrued interest owed by the developer, ARCWheeler L.L.C.) in the luxury building.

Rittenhouse Pension Investors L.L.C., a wholly owned subsidiary of the Delaware Valley Real Estate Investment Fund, which manages the retirement nest eggs of 47,200 workers in the region, filed suit Friday in Common Pleas Court, seeking “to save Center City’s premier residential condominium development from the depredations of a troubled hedge fund and rogue lender” – Istar Financial Group of New York.
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