Packard Building

Packard Building

http://www.mpnrealty.com/press/2000.pdf

Packard Building Sold
NATALIE KOSTELNI

Developer Alex Schwartz
has finally sold the 330,000-
square-foot Packard Building
to Jim Dwyer, a New Jersey
developer, for $8 million.

Schwartz had owned the
building at 15th and Chestnut
streets for a little more than a
year, buying it for $5 million.
While owning the property,
Schwartz had entertained
plans to convert it into apartments.
Dwyer has not finalized
any plans for what he
might do with the property
and couldn't be reached for
comment.


Dwyer is better known
for his hotel developments,
including The Flanders Hotel
in Ocean City, N.J. The historic
hotel was built in 1923
and was considered a landmark
in the Shore town. When
the Flanders was about to
be demolished a couple of
years ago, Dwyer invested $12
million into renovating the
property into a full-service
convention facility and hotel.


The Packard is a 25-story
building constructed in 1924
and was considered a couple
of years ago as a hotel site by
Affirmative Equities Inc., a
New York investment company.
The firm had plans to drop
$30 million renovating it, but
the project never made any
progress after preservationists
worried the historic building
would be detrimentally
altered. Affirmative Equities
was going to buy the building
from its owner, General
Electric Capital Corp., for $8
million, but never did. A brief
time later, Schwartz bought
the building.


Mallin Panchelli Wentworth
represented Schwartz in both
transactions. Dwyer was not
represented.


Earlier this past spring, the
property became part of a
lawsuit filed by Albert M.
“Moose” Greenfield's company
against Wolf Block Schorr
& Solis-Cohen. The suit
accused the big law firm
of deliberately thwarting
Greenfield's real estate company
from buying three
Philadelphia properties, one
of which was the Packard
Building. The suit alleges
Greenfield had retained the
firm to acquire the buildings.


In each case, Greenfield lost
out on buying the properties to
others who were either represented
by the law firm or had
relationships with the firm that
posed a conflict, the suit said.
The case is set to go to trial
next year.