Post Brothers

As leases matured and demand remained anemic, landlords began to capitulate and dump buildings at enormous discounts to peak values. In Washington, D.C., for example, Post Brothers last year paid about $66 million for 2100 M Street, which had sold for as much as $150 million in 2007. “We’re able to make it work as a conversion because it was no longer priced as though it could be repositioned as office,” - Matthew Pestronk, President & Co-Founder The Wall Street Journal https://lnkd.in/eMf-NWHJ

One Thousand One continues to reset the standard. Architectural Digest offers a view into Philadelphia's largest-ever residential development. https://lnkd.in/ep_RH5HD

Around the United States, from New York and Philadelphia to Miami, Dallas and beyond, families are choosing to rent for the foreseeable future — some out of necessity, others for amenities. Piazza Alta and the recently opened One Thousand One are at the forefront of this evolution. In addition to a playroom, One Thousand One has a 20,000-square-foot outdoor playground with a 1972 Cessna 150 seaplane as the centerpiece and a periphery of rubberized tracks where young children can ride bicycles. https://lnkd.in/eVPgFg3q

Around the United States, from New York and Philadelphia to Miami, Dallas and beyond, families are choosing to rent for the foreseeable future — some out of necessity, others for amenities. Piazza Alta and the recently opened One Thousand One are at the forefront of this evolution. In addition to a playroom, One Thousand One has a 20,000-square-foot outdoor playground with a 1972 Cessna 150 seaplane as the centerpiece and a periphery of rubberized tracks where young children can ride bicycles. https://lnkd.in/eVPgFg3q

Post Brothers?has secured approval from the?D.C. Board of Zoning Adjustment?to convert an eight-story, 301,347-square-foot property at?2100 M Street NW, into a 400-unit apartment building in the District’s West End. Read more: https://lnkd.in/esQyAQWj Pictured: Matthew Pestronk, Co-founder and President; Michael Pestronk, Co-founder and CEO of Post Brothers #RealEstate #CommercialRealEstate

Leasing activity has remained strong despite an unprecedented increase in supply. Piazza Alta, Post Brothers’ 695-unit building in Northern Liberties, opened in the second quarter of 2022 and?leased up in 15 months?with half of the building’s residents moved from outside Pennsylvania. CEO Michael Pestronk has theorized that extremely limited supply in the for-sale housing market has forced people to rent for longer,?increasing the overall renter pool. https://lnkd.in/ed-iwv-k

This week, the D.C. Board of Zoning Adjustment approved plans for the conversion of 2100 M Street to residential. Plans include modernizing the building facade and the addition of five stories including Penthouse apartments. "Our sense is that the current real estate cycle is very much on the way up both on a macro level and very much so in?Washington, which has seen more activity?in conversions,?and even in the sale of multi-tenant?offices of late by extremely astute investors who intend to continue their use as offices," - Matthew Pestronk, President & Cofounder https://lnkd.in/ephQZHpW

Between 2018 and 2022, the share of households with annual incomes of more than $750,000 that rented rose to 10.5%, according to census data from IPUMS at the University of Minnesota analyzed by The Wall Street Journal, the highest level since the survey began in the mid-2000s. It was 8.4% in the previous five-year period. To accommodate this evolving renter profile, properties like The Atlantic and One Thousand One include larger floor plans, mudrooms and playrooms—“the kind of features that people expect in a new McMansion,” said Michael Pestronk, co-founder and chief executive. https://lnkd.in/eE9z-KV9

1825 and 1875 Connecticut Ave. NW, otherwise known as the Universal Buildings, are among several proposed conversions recently awarded conditional tax abatements through the Bowser administration's Housing for Downtown program, which aims to revitalize the District's core by adding 15,000 new residents. Washington Business Journal's Ben Peters discusses the impacts of the program with President & Cofounder Matthew Pestronk. https://lnkd.in/e2j2mRiz

Mansion Global charts the incredible transformation of Northern Liberties over the last 30 years and The Piazza's role in its rebirth. This highly-coveted neighborhood has become home to a mix of students, artists, young professionals, growing families, and long-time residents, all drawn to its walkability, eclectic retail and vibrant restaurant scene. “Since 2017, we’ve built over 1,250 units in Northern Liberties, bought another 500, and we have about 970 that we’re building now or will deliver by the end of the decade.”?- CEO Michael Pestronk https://lnkd.in/eJRwSGkX