A Northeast Philadelphia parcel with approved development plans has been sold to a New York-based firm for $4 million. Paramount Realty, based in Lakewood, New Jersey, sold the property at 5501 Whitaker Ave. to an entity affiliated with Brooklyn’s Asset Realty and Construction Group, according to Philadelphia property records. The triangular lot is adjacent to the headquarters of auto parts manufacturer Cardone Industries.

In December 2022, Paramount received zoning permits to construct a three-story, 126,300-square-foot self-storage facility on the 3-acre parcel. The property, located just off Roosevelt Boulevard, is assessed at $3.6 million, city records show. This acquisition adds to Asset Realty and Construction Group’s active projects in Northeast Philadelphia. In July, the firm completed the Civic Design Review process for a 152,720-square-foot self-storage facility at State Road and Cottman Avenue.

*Article courtesy of The Philadelphia Business Journal

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