PHILADELPHIA-Brooks Capital Group placed the winning bid for 1441 Chestnut St., taking ownership of the property for $12 million. The property was the former site of a proposed Waldorf-Astoria hotel, which was halted due to the lending scarcity.
The half-acre property was previously owned by a partnership involving Brook Lenfest of Brooks Capital Group LLC of Bala Cynwyd, however the the winning bid should dissolve all partnerships as Brooks takes complete ownership of the property. The parcel is zoned for 848,000 square feet of building space, but it is unclear how the development of the empty land will move forward.
The land in City Center was purchased a decade ago for a shade under the current winning bid, costing $11 million at the time. Across from City Hall, the prime property has been mired in litigation for the last six years or so, which may resolve since Brooks, now the full owner, was a majority partner. It has been reported that Brooks ownership would now dissolve any previous partnerships.
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