The seller is New York City-based Goldman Properties. Accordingto public records, Goldman acquired the 61,000-sf CunninghamBuilding in August 2001 for just shy of $2.5 million and theadjacent 2,000-sf retail store in August 2005 for $900,000.

Jonathan Stavin, first VP in the local office of CB RichardEllis, represented both Goldman and the Church of Scientology inthe transaction. He tells GlobeSt.com that Goldman had gutted thebuildings in preparation for converting them into residentialcondos. "As the condo market softened," he says, "the owner feltthis sale would be good for this portion of Chestnut Street whereit owns considerable retail real estate."

As GlobeSt.compreviously reported, Goldman is in the process of converting thefive-story White Building at the corner of 12th and Chestnutstreets into 24 condos. Among its other holdings in this area eastof Broad Street are buildings containing four home fashion storesand three restaurants, including Lolita and El Vez.