PMC buys Center City land for $28.5 million

PMC Property Group has apparently bought a four-block strip of land along John F. Kennedy Boulevard between 20th Street and the Schuylkill River, near an area of Center City that has seen flurry of real estate activity in recent months.

Four separate corporations sharing an address with PMC paid $28.5 million for the land on July 9, according to documents filed with city. PMC executive vice president Jonathan Stavin said the company intended to construct residential buildings on the property. PMC is one of Philadelphia's largest residential property owners.

The purchase, which includes a three thin parcels along JFK and a large block fronting the river, covers nearly 305,000 square feet, according to a report by Jones Lang LaSalle. The seller was Garrison River City LLC in New York.

jadelman@phillynews.com

215-854-2615 @jacobadelman

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