Newmark Arranges $24.5 Million Sale of 1600 Callowhill in Philadelphia’s Sought-After Logan Square Neighborhood

June 18, 2025 9:00 AM

Newmark announces it has arranged the $24.5 million sale of 1600 Callowhill Street, a boutique multifamily asset in Philadelphia, PA. Newmark Executive Managing Director Erin Miller, Managing Director Steven Schultz and Associate Chris Koehler, represented the seller, Ivy Realty.

The buyer is Turio Residential Company, a newly formed venture led by industry veteran Gianni Parente, marking the firm’s first acquisition in the city under its new banner. The transaction underscores the continued appeal of well-located, amenitized product at an attractive basis in high-growth urban cores.

“1600 Callowhill offered a rare combination of high-end renovation quality, walkable location and upside through a strategic leasing plan,” said Miller. “The marketing process generated substantial interest, ultimately resulting in a competitive bidding environment and a strong outcome for our client.”

Originally constructed in 1926 and fully repositioned by Ivy Realty in 2019, 1600 Callowhill features 95 loft-style units along with more than 2,500 square feet of ground-floor retail space. The six-story Class A multifamily community blends historic character with modern upgrades and includes exposed ceilings, designer finishes, sophisticated living spaces, updated systems and elevators and an outdoor roof deck with expansive city views. With a mix of well-designed floor plans and high ceilings, the property appeals to a broad range of Philadelphia’s diverse resident base.

Located steps from the Benjamin Franklin Parkway and adjacent to the Rail Park, the property benefits from direct access to Center City, nearby universities, and Philadelphia’s transit infrastructure. The surrounding area has seen significant residential, hospitality and retail growth, enhancing its appeal to tenants seeking live-work-play environments.

About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company and has acquired more than $3 billion in assets and currently has a portfolio exceeding eight million square feet of office, industrial, residential and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. For more information, visit www.ivy-realty.com.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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