Across the street from the Philadelphia Museum of Art is the city’s largest apartment building. Shinier, newer condos have been popping up in the greater downtown area in recent years, but nearly 1,200 people have chosen to live in the Philadelphian, completed in 1963.

What makes a condo buyer opt for an older building rather than something new? And how are condos in their 60s trying to keep up with new construction? I started to find some answers.

Keep scrolling for this story and the rest of this week’s edition:

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A few weeks ago I visited the Philadelphian. Specifically, I wanted to see what $18 million in renovations looks like.

Here is a partial list of what I saw:

a shiny new lobby with modern furniture and a new security desk at the front doors (the old “reception” desk was at the back of the lobby.)

stone paving stones which replaced the concrete at the porte cochère in front

a waterfall function that replaced a weak fountain

a renovated commercial plaza at the rear that fits more harmoniously into the surrounding Fairmount neighborhood

The Philadelphian now also has a larger mailroom and new space specifically to handle the nearly 100,000 packages (!) that residents will receive this year. This is not something the building needed when it was constructed in the early 1960s.

Although some residents miss the character of the old lobby, the renovations are part of a plan to keep the building relevant for the next 60 years, management told me. Other Philadelphia condo buildings in their 60s are also considering how they can keep up more recent buildings.

One thing that works in older buildings’ favor: Philadelphia condo residents tend to stay put, sometimes for decades. They are not easily attracted by different amenities or new construction.

Keep reading to learn about Philadelphia condos built decades, even a century, ago, and why buyers choose older buildings.

Republic was once the largest commercial bank based in Philadelphia. Then, in April, Pennsylvania regulators shut it down because it was “dangerous and unhealthy”.

Now, a report released this week by the New Jersey Attorney General’s Office says Republic has systematically avoided lending to homebuyers in predominantly Black, Hispanic or Asian communities in South Jersey.

The state’s investigation found that between 2018 and 2022, Republic made virtually no mortgage loans in these neighborhoods in Burlington, Camden, Gloucester, Atlantic and Cape May counties, but did make ” large loans” in nearby majority-white neighborhoods.

This is a form of mortgage discounting, when lenders avoid making home loans or turn away mortgage applicants in certain neighborhoods based on the race or ethnicity of residents.

Attorney General Matthew J. Platkin called Republic’s practices “shameful.” His office is trying to get money from the Republic Receiver for affected residents. And the office plans to keep an eye on Fulton Bank, which took over Republic’s loan portfolio.

Keep reading to find out what else Republic has done (or hasn’t done) for New Jersey homebuyers, according to the attorney general’s investigation.

The latest news to watch

You know it’s going to be an interesting home tour when the property has its own name.

Mary Fran McLaughlin and Kevin Nolan named their Glen Mills home Big Run in honor of the creek that begins on their property.

But that’s not the only thing that makes their home special. They built a three-acre wildflower meadow on their seven-acre property.

It was the land that attracted the couple. It certainly wasn’t the dilapidated, seemingly uninhabitable house that had no heat or water. But in 2011, McLaughlin and Nolan moved in.

“It was like camping,” Nolan said. “We used a porta potty and a gym membership for showers.”

The homeowners hired an architect and built a new 3,200-square-foot house with a wraparound porch. Nolan says “this house is all about outdoor living.”

Visit the property that hosted four weddings and find out what the couple did with the dilapidated old house.

Quiz time

The Philly City Council has voted to ban drivers from stopping on any of the city’s bike lanes, even for a few minutes. The decision follows several high-profile collisions in which drivers hit cyclists and pedestrians. Some owners opposed the ban, saying they had to load and unload cars and that the restriction harmed people with disabilities.

Question: In the city center, how much is the fine imposed on drivers if they stop on a cycle path?

A) $35

B) $75

C) $125

D) $150

This story has the answer.

Photo quizzes

Do you know the place shown in this photo?

If you think so, please email me back. You and your memories of visiting this location could be featured in the newsletter.

Thanks to Janet P., Deborah S. and Sonia H. for knowing that last week’s newsletter featured a photo of a get out the vote mural in LOVE Park.

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If you can’t get enough of themed Airbnbs, here’s a temporary one in North Jersey with an atmosphere worthy of Halloween.

Enjoy the rest of your week.

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