The foreclosure saga surrounding 1650 Arch Street in Center City appears to be approaching its conclusion.
1650 Arch Investor LP, an affiliate of ASI Management and owner of the 553,000-square-foot office tower, is slated for public auction on November 5. According to a published notice, bidding will take place both online and in person at the New York Supreme Court building in Manhattan.
The property, which is currently about half vacant, has been in receivership since July following a foreclosure complaint filed in June in the Philadelphia Court of Common Pleas.
An affiliate of Delphi Financial Group originally provided a $75.8 million loan to ASI Management in 2018, later extended two years to July 2024. However, the borrower failed to pay off the debt by the maturity date, leaving an outstanding balance of approximately $43 million, according to the auction notice.
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