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Abandoned Factory Once Asking 6.9M Now on Auction Block With A $3.1M Ask

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The old Independence Press Building at the southeast corner of 11th & Green Streets will officially have a new owner by the end of the day. Last purchased for $4.05 million in 2010, this nine-story abandoned factory will be auctioned off with a suggested opening bid of just $3.1 million, a far cry from its recent asking price of $6.9 million.

Also known as the Schoettle Building, the Philadelphia Business Journal reports that Kabro Associates purchased the 156,000 SF building in 2010, which included the approval for redevelopment as a 92-unit apartment structure. Kabro shelled out $1 million for interior demolition and asbestos removal, but the conversion plan never panned out.

Curbed managed to track down an old listing presentation detailing three potential layout options:

· Layout 1: 78 lofts, 31 1BR units, 28 2BR units, 1 3BR unit (138 total units + 115 parking spaces)
· Layout 2: 52 1BR units, 28 2BR units, 11 3BR units (92 total units + 98 parking spaces)
· Layout 3: 90,060 SF of rentable work studio space + 98 parking spaces

Additionally, we were able to find some recent interior photos posted to Flickr by an urban explorer:

It's no secret that this neighborhood is on the verge of a huge boom once the Reading Viaduct Park is built, so a pricetag between $4-6 million could very well turn out to be a good investment. Only time will tell, so expect Curbed to keep you in the loop with this building's development moving forward.

· Independence Press Building (Official Auction Listing) [LoopNet]
· Center City Building Coming Up for Auction [Philadelphia Business Journal]
· Schoettle Building Listing Presentation []
· Independence Press Photoset via soldat252 [Flickr]

Reading Viaduct - Noble St Entrance

Noble Street, Philadelphia, PA