The Wall St.Journal 28Feb2020

M14| Friday, February 28, 2020 THE WALL STREET JOURNAL.

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Mr. Paz said he signed a con-

tract for the apartment when con-

struction was only starting on the

building in 2016. By the time the

penthouse reached completion, his

family’s plans had changed. He and

his wife decided to relocate to

Florida and no longer needed such

a large home in Philadelphia.

feet of interior space plus an addi-

tional roughly 2,600 square feet of

outdoor space across two large

terraces and a private rooftop so-

larium. It has a formal dining

room, a large family room, a gym

or office space and a large eat-in

kitchen. Four parking spaces are

included in the deal.

tower. The building’s amenities in-

clude a gym with a yoga terrace, a

massage room and a sky-lit 50-

foot lap pool with a hot tub.

The property is near the city’s

historic center, close to the Liberty

Bell and the Museum of the Ameri-

can Revolution.

The apartment has 8,400 square

ARX SOLUTIONS/ESPENSHADE INTERIORS (RENDERING)

Paid $17 million in 2017.

PRIVATE PROPERTIES | WATERFRONT LIVING

One evening, as they strolled on

the beach during a visit to their

vacation house, Mr. Paz recalled

his wife looking out at the ocean

and saying, “Doesn’t that look bet-

ter than 18th and Walnut?”

Asked if he

thought the

market could

command such

a major price

tag, Mr. Paz

said. “I sure

hope so.”

Mr.Paz,63,

made his for-

tune as the U.S.

distributor for U.K.-based Godwin

Pumps, an industrial pump rental

company. More recently, he has

been working in the property man-

agement business, he said.

He said he is not planning to

use a real-estate agent to market

the property. An on-site employee

of the building’s developer has

agreed to show it to prospective

buyers, he said.

—Katherine Clarke

Entrepreneur John Paz broke
the price record for a Philadelphia
condo in 2017 when he spent
about $17 million for a penthouse
atop a new-construction condo
building near Independence Hall.
Now, Mr. Paz is
trying to break
the record
again, relisting
the condo for
$32 million.
The price tag
is far above
what anyone
has ever paid
foracondoin
the city but Mr. Paz said it is justi-
fied by the millions he plowed into
the space following his purchase.
The apartment was unfinished
when he bought it, so he installed
HVAC systems and under-floor
heating and configured the layout.
He said he is into the investment
for close to $30 million.
“It got a little bit away from
me, I’ve got to be honest,” he said.
The sprawling three-bedroom
penthouse spans the top two
floors of 500 Walnut, a 26-story
high-rise widely considered to be
Philadelphia’s most luxurious new

Philadelphia Condo Could Break Another Record

FOR SALE

$32

MILLION

Rooftop

solarium,

four parking

spaces

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