Post Brothers Apartments
Post Brothers Apartments is a property development company based in Philadelphia, and has carried out various large-scale projects in the city. Since the company's formation in 2007, they have renovated numerous residential apartment buildings in the Philadelphia area. Post Brothers was responsible for the restoration and renovation of the historic Goldtex building in downtown Philadelphia and the renovation of Rittenhouse Hill, a 624-unit project in Northwest Philadelphia totaling over $250 million in value, among other projects.
History
Post Brothers Apartments was founded by two brothers living in Philadelphia, Matthew and Michael Pestronk. The company was originally founded in 2007, at the onset of a real estate market correction that caused a global downturn in real estate prices and construction activity.
In November 2011, Post Brothers began work on the rehabilitation of an existing building, which would contain 624 housing units and over 30,000 square feet in retail space once complete. The building, known as Rittenhouse Hill in Germantown, Philadelphia, would include a mixture of studios, one-bedroom and two-bedroom apartments. Multi-million dollar renovations were completed in July, 2013.
The build was highlighted by Multi-Housing News for its implementation of many Green building features, including energy efficient lighting and a heating and air conditioning system utilizing a high efficiency electric heat pump. The building is completely powered by wind-generated power and became the first building in Philadelphia of this size to use wind energy as the sole source of energy.
Post Brothers announced in 2012 that they would commence with the refurbishment of the Goldtex building, at an estimated cost of $40 million. When completed, the building would be home to approximately 160 loft-style apartments, ranging from studios to three-bedrooms; and 7,000 square feet of retail space. Goldtex would be built to LEED silver standards with Green building features such as 100% wind-generated power, Energy Star rated appliances, highly-efficient heating and air conditioning system balancing demand throughout the building.
The building has a close proximity to Center City, Philadelphia and had previously been a shoe factory built in 1905. Shortly after the announcement of the building project, the company was criticized by several local unions as the project was offered to non-union contractors.
In 2012, Post Brothers purchased 984-unit apartment complex, known as the Presidential City Apartments. After renovations are completed the complex will feature 1038 apartments, and AbOUT 8,000 square feet of retail.
Post Brothers purchased a 320,000 square foot, partially vacant office building out of foreclosure located on 260 South Broad Street in Philadelphia for over $27 million in July 2012. Post Brothers is expected to convert the former office building into residential apartments or condominiums.
Notable Projects
Post Brothers Apartments has been responsible for a number of notable builds throughout Philadelphia. These have included the Goldtex project in downtown Philadelphia, which drew widespread attention in the local and national media for the projects’ use of union and non-union workers. The company has also been responsible for the Rittenhouse Hill development and the renovation of the historic Delmar Morris Apartments in East Falls, Philadelphia.
Other projects in East Falls area include a 42-unit Pastorius Court Apartments that was gut renovated in 2010; finished in 2009, Cloverly Park Apartments; and a 92-unit Copley Manor Apartments that were sold in 2013. Recently acquired Presidential City Apartments and 260 South Broad, are undergoing extensive renovations.
Non-union contractors
In 2012, Post Brothers Apartments hired a number of non-union workers for a large downtown development project and was involved in an acrimonious battle with representatives of the local construction labor unions when the union-affiliated workers were awarded only 40% of the project, including demolition and electrical work.
The two founders commented on the project, stating that they were "backed into" the situation of opening the project to non-union labor because of project costs rather than having political motives.
Accolades
The founders of the company Matthew Pestronk and Michael Pestronk were both part of Philadelphia magazine's 20 Best Philadelphians list.