Philadelphia investment group Penn Treaty Views LLC has paid $4.1 million for the Delaware River pier where Cavanaugh’s River Deck operates, according to records filed with the city.
The partnership involving Northern Liberties-based developer Shovel Ready Projects LLC and music-venue impresarios Allen and Adam Spivak purchased the 90,400-square-foot parcel known as Pier 25 late last month, the records show.
Cavanaugh’s owner Patrick Pawliczek said in an email that he would not be affected by the change in ownership at the 417 N. Columbus Blvd. property, between Waterfront Square and Dave & Busters. The business will continue to operate “into the foreseeable future” under its current lease, he said.
Pier 25 is also the former home of the KatManDu nightclub.
In June, Penn Treaty Views sold a 19-townhouse project along a strip of riverfront land facing the southern edge of Penn Treaty Park less than a mile to the north in Fishtown, near SugarHouse Casino, for $7 million.
Shovel Ready also is marketing a nearby pier where the never-built Trump Tower Philadelphia was planned, with designs for a townhouse development at that site as well.
The sellers of Pier 25, listed on city records as Hong Kong & Shanghai Investment Corp. and Pier 25 North Associates LP, were represented in the deal by Michael Barmash of commercial real estate firm Colliers International.