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18-Acre Waterfront Parcel Goes Up for Auction

PHILADELPHIA-East West Trade Partners will auction the parcel north of Penn's Landing along the Delaware at Bankruptcy Court in Camden, NJ on Jan. 26. The minimum bid is $2.5 million, or about 63% of the appraised value.

By Marita Thomas | Updated on January 07, 2004

PHILADELPHIA-An 18+-acre Delaware Riverfront parcel at 6501 New State Rd. here will go on the auction block at the US Bankruptcy Court in the Mitchell H. Cohen Federal Court House in Camden, NJ at 11:30 a.m. Jan. 26. The debtor, Mt. Laurel, NJ-based East West Trade Partners Inc. ,is operating under Chapter 11 bankruptcy protection.

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.

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