Philadelphia’s Most Sought After Address in Rittenhouse Square.
In 2011 Dranoff was named court-appointed receiver to complete construction and restore the property’s image for 10 Rittenhouse, a luxury condominium development in Philadelphia’s Rittenhouse Square neighborhood. The property was inherited under distressed conditions. Dranoff was able to dramatically reposition 10 Rittenhouse within the market. Floor plans were redesigned to maximize the use of space, finishes were upgraded and the amenity floor was renovated and expanded. As a result, consumers began to regain their confidence in the project and prices grew exponentially throughout the course of the sales period. This ultimately resulted in the closing of over 100 luxury residences in excess of $200 million in value. The property ultimately achieved the highest price per square foot in Philadelphia at the time.