Old City Developer Buys Seaman's Church Institute

PHILADELPHIA-Seaman’s Church Institute sold its long-time home at 249 ArchSt. in Old City to locally based Yaron Properties for $2.2 million, or $100per sf. Yaron, which has properties in Center City and in New York, hasconverted about a dozen buildings in the rapidly expanding Old Cityneighborhood to residential use.

Seaman’s building is a 22,000-sf property that served as a seafarers’mission. The institute provides humanitarian and recreational services toseamen at ports along the Delaware River.

In a separate transaction, Seaman’s bought the 35,000-sf Cofco OfficeFurniture Building at 475 North 5th St. for $2.4 million, or about $69 persf. It will renovate the building into a corporate office and servicecenter.

“The facility will include a recreation area, computer room and boardroom,”says Patrick Green, senior managing director of the local office ofInsignia/ESG.

Green represented Seaman’s in both the sale and the acquisition. Sid Smith,president of locally based Smith Mack/Oncor International and Neil Shupak ofSmith Mack represented Cofco in its sale to Seaman’s.