PHILADELPHIA—The former Frankford Chocolate factory property, owned by the late New York City-based hotelier Truong Vinh Tran, has been put on the market for sale.
CBRE is offering the former 241,000-square-foot brick building for sale. The former factory building is located on a 100,000-square-foot lot at 2101 Washington Ave., according to The Inquirer.
"This is the largest piece of available development land in the city at the moment," CBRE's Robert Fahey says. "It's the hottest residential neighborhood in the city for people of decent means who want to walk to work."
Vinh Tran paid $5.75 million for the property in 2007 and proposed a $100-million mixed-use development. A scaled down plan was approved by the city, but the project was a victim of the recession. Vinh Tran, the majority owner of Alphonse Hotel Corp., died in 2012. His assets are being liquidated, according to Kevin Smith, an attorney at Stroock & Stroock & Lavan. See story in The Inquirer.
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