The minimum bid is $2.5 million. The first bid over the minimum cannot be less than $2.55 million, and subsequent bids must be in increments of $10,000 or more. An equity holder in East West tells GlobeSt.com the property was appraised at close to $4 million, or approximately $219,444 an acre, last November.
The parcel is north of Penn's Landing along the Delaware River near the Tacony Palmyra Bridge. The property has 570 ft of river frontage and 650 ft of frontage on New State Road. It has access to the Bridge Street and Cottman Avenue interchanges to I-95, and it has C-7 commercial zoning.
The sale will be for cash, certified funds or cashier's check, payable 10% at the time the bid is made, with the balance payable in full at the closing. The property goes to the highest bidder.
The sale will be free and clear of liens. All real estate transfer taxes due Philadelphia and/or Pennsylvania on the transfer of the title will be paid by the buyer at the closing. All real estate taxes owed on the property and any other municipal liens and assessments against the property that are due to the city or any of its agencies will be paid by the debtor from the proceeds of the sale.
The closing will be held within 45 days after the auction in the offices of Shaffer & Scerni LLC, the attorney representing the debtor, which are located at 921 Pleasant Valley Ave. in Mt. Laurel.
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