Malik Anderson, 19, was arrested at his home in the 1800 block of Tomlinson Road on Wednesday morning without incident and charged with first-degree murder.
Anderson was described by police as a 'childhood friend' of the victim, 19-year-old Daquan Crump.
Crump's body was found on the morning of August 19th by a worker in the 10000 block of Northeast Avenue in the Somerton section of the city.
Investigators said Crump had been shot 10 times - once in the back of the head and nine times in the face.
Anderson allegedly told police that he and Crump were friends, and together they conspired to steal another friend's PlayStation 3 video game console.
However, Anderson allegedly told police, Crump stole the console on his own and sold them without giving Anderson a cut of the money.
Police say Crump and the suspect hung out together the night before the murder.
Then, in the early morning hours of Monday the 19th, police say Anderson lured Crump to the demolition site.
Captain James Clark of the Philadelphia Police Homicide Unit said Anderson then shot Crump once in the head, then "stood over top of his longtime friend and fired nine more times, shooting him in his head and killing him."
Crump had just started working at a fast food restaurant about two weeks before he was killed.
Police say his family got him the job because he and his friends had just been hanging out all summer playing video games and watching television.
"This is very and very, very tragic," Clark added. "I have two teenage sons at home and I tell them all the time, 'be very, very careful of who you call friends and be very careful of who you hang out with."
Police say the murder weapon, a .22 caliber gun, was recovered in the refrigerator at the home where Anderson was arrested.