StanAb, a real estate development company based in West Chester and founded by Tony Stancato and Victor Abdala, is winding things down after 25 years, writes Natalie Kostelni for the Philadelphia Business Journal.
One of the company’s last projects, the interconnected historic bank building and the well-known Turks Head Garage in West Chester, purchased for $2.5 million in 2019, were recently sold to an affiliate of West Chester Off Campus Housing for $4.8 million.
The sale is part of the owners’ efforts to sell off all the remaining properties and retire.
“Victor and I had a goal to wrap things up in 2021,” said Stancato, a lifelong resident of West Chester. “We set that date five years ago. A stroke and the pandemic hurried things along for us.”
Recent sales also include the Chestnut Street Lofts in West Chester, while a site in Kennett Square that has approvals for 166 apartments has also been put under agreement. The company now only has a few smaller properties left to unload, including the Enterprise Rent-A-Car in Kennett.
“It was a good partnership and still a great friendship,” said Stancato. “The hard part for a lot of folks is to know when to say when.”
Read more about StanAb in the Philadelphia Business Journal here.