Cherry Street: 113 N. 23rd St. Philadelphia, PA August 2021 Construction Report

Cherry Street Capital 113-27 – “Logan 23” -

113 N 23rd Street, Philadelphia, PA

31% Sold Out! – Philadelphia’s very own Logan 23 continues to draw in accredited buyers. Of our 16 townhomes at the location, 4 have closed and one remains under contract. Our fourth closing took place last month. Those that closed accumulated a gross sale of $7.38M. 11 remain on the market, with serious buyers making repeat visits to the open units. We consistently have showings at Logan 23, though we expect these to kick up after Labor Day weekend.

Fixtures for Logan 23 have been installed, as have appliances. The final coat of paint is being applied in multiple units, as are the final mechanical installations. Cabinets and countertops are complete.

Adding to this is a 10-year tax abatement, negotiated by NRIA with the City of Philadelphia. These 4 story townhomes offer outdoor space that provides the urban resident space to stretch their legs and breathe in fresh Philadelphian air as they take in the local neighborhood.

Logan 23 also received three new COs over the last two months. We aim to receive the COs for the remaining units by Q4 2021.

We expect to receive the CO for the 16 units to occur as follows:

Unit 1- CO RECEIVED

Unit 2- CO RECEIVED

Unit 3- CO RECEIVED

Unit 4- CO RECEIVED

Unit 5- 8/19/21

Unit 6- 8/12/21

Unit 7- 8/30/21

Unit 8- 9/1/21

Unit 9 (SOLD)- CO RECEIVED

Unit 10- 9/28/21