Concordia Group of Bethesda, Md., has partnered with Greg
Hill, a developer based in Huntington Valley, Pa., to buy a South Philadelphia
property and turn the site into nearly 100 townhouses.
The former Mount Sinai Hospital site at 400 Reed St. in
Philadelphia sold to Concordia and Hill for $6 million.
It was sold by Mount Sinai Partners, which involves
William Isenberg of Chester Springs. Mount Sinai Partners has owned the
property since 2002 when it bought it for $700,000, according to Philadelphia
property records. The hospital closed in 1997.
This wasn’t the easiest deal for Tony Falcone of M.S. Fox
Real Estate.
“I had it under contract five times,” he said. “Two took
it fully through the zoning.”
He had the listing for more than 12 years.
There were plans in 2007 to convert it to condominiums,
but the project was shelved when the market turned. Other plans involved
turning it into apartments – which was also nixed. Neighborhood opposition
thwarted progress and development for years. Finally, a transaction was
completed.
“It worked out in the end,” Falcone said.
Source: Philadelphia
Business Journal
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