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BREAKING: Blatstein Cashes Out Of No Libs

Photo via REESE JUEL

INQUIRER: Developer Bart Blatstein, whose investment in Northern Liberties help to turn a scruffy neighborhood on the edge of Center City into a hip destination, has sold 60 percent of his holdings there to a New York investor group. Blatstein’s Tower Investments Inc. said today it has sold a controlling interest in The Piazza at Schmidt’s and Liberties Walk at Schmidt to Kushner Companies. Blatstein did not disclose a purchase price. The property in the deal, however, is thought to have a value of about $130 million. The acquisition is a joint venture between Kushner and Oaktree Capital Management L.P., a real estate investment fund. MORE

PHAWKER: Converting a toxic pile of brewery rubble into $130 million? That’s some King Midas shit right there, my friend.

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