Historic Wanamaker Building in Center City to Face Foreclosure Auction on June 3

The historic Wanamaker building in Center City Philadelphia, is set for a foreclosure auction on Tuesday, June 3. 

Writing for the Philadelphia Business Journal, Paul Schwedelson said that TF Cornerstore would have a $120 million advantage in bidding for the building since it holds much of the building's debt. The Wanamaker building has been faced with foreclosure proceedings for close to two years.

In February, the Philadelphia Court of Common Pleas set the TF Cornerstore's auction credit to $120 million. According to Delco.Today, this amount was based on the debt that Rubenstein Partners owed on the building. A ruling in May caused the property to enter into sherrif's sale.

According to the Philadelphia Business Journal, TF Cornerstone is seen as a frontrunner in the auction and is positioned to take over as owner of the 114-year-old building. The company purchased much of the debt on the Wanamaker building in 2024 and plans to convert the commercial structure to residential real estate once it has full possession of the building.

The auction will be conducted by the online platform Bid4Assets, which holds sales for the Philadelphia Sheriff's Office. No minimum bid is required, but interested bidders must submit a $5,035 deposit by Tuesday, May 27.