The historic Wanamaker building in Center City is set to face a foreclosure auction on June 3, with TF Cornerstone coming into the bidding process with a $120 million advantage, writes Paul Schwedelson for the Philadelphia Business Journal.
The New York developer holds the majority of the building’s debt, which has been at risk of foreclosure since August 2023.
In a February ruling, the Philadelphia Court of Common Pleas set the company’s auction credit at $120 million, based on the debt owed on the Wanamaker building by Rubenstein Partners. A subsequent ruling in May sent the property to sheriff’s sale.
The online platform Bid4Assets, which hosts sales for the Philadelphia Sheriff’s Office, will conduct the auction. There is no minimum bid. Interested bidders must submit a $5,035 deposit by May 27 to participate.
TF Cornerstone is the frontrunner to take over ownership of the 114-year-old building, as any other bidder would have to exceed $120 million to win the auction. The firm purchased a majority of Wanamaker’s debt last year and plans a residential conversion once it has possession of the property.
Read more about the upcoming auction for the historic Wanamaker building in the Philadelphia Business Journal.
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