All of Philly's former UArts buildings have sold: What's next
The fire sale for the University of the Arts' real estate portfolio in Center City has wrapped up.
Why it matters: The new owners of the nine prized buildings are reimagining the city's central business and arts hub and ushering in new commercial and residential spaces.
State of play: The final available UArts building, Gershman Hall, sold in Delaware's U.S. Bankruptcy Court this month.
DSA 401 Lifetime LLC purchased the former theater and learning space at 401-11 S. Broad St. for more than $6.7 million, per court documents.
The intrigue: It's unclear what the Delaware-based LLC is planning for the building, which is located between Suzanne Roberts Theatre and the Kimmel Center.
The company is connected to Philly-based real estate investment firm Lubert-Adler.
A lawyer for DSA 401 declined Axios' request for comment; Lubert-Adler did not return calls seeking comment.
The big picture: The sales are an encouraging sign for Center City's expansion and renaissance, Drexel University economist Kevin Gillen tells Axios.
"The repurposing, reuse and redeployment of historic properties to updated uses is not only the kind of socially conscious development that Philadelphia is well positioned for, it is also the kind that Philadelphia can serve as an example of," he added.
Here's what's coming for the eight other buildings sold during the bankruptcy.
🖼️ Hamilton Hall: The Greek Revival-style building with large columns on Broad Street is expected to house an affordable arts studio, workshop and gallery spaces.
A restaurant there is also possible.
🏠 Furness Hall: The former UArts dormitory behind Hamilton Hall is likely to become affordable artist apartments.
Scout, the design firm that repurposed South Philly's Bok Building, owns both Furness and Hamilton Halls.
🥤Anderson Hall: The nine-story building at 329-335 S. Broad St. is expected to become apartments, with food retail on the ground floor, as well as artist spaces or offices, per the Inquirer.
Dwight City Group, a New York-based commercial real estate company, paid $8.5 million for the property.
🎓 Terra Hall: The 17-story building at 211 S. Broad St. is expected to house Temple University Center City, which offers adult learning and enrichment.
Temple University bought the building, the largest among the UArts buildings up for bid, for $18 million.
🛍️ Arts Bank: The four-story building at 601 S. Broad St. could have commercial space on the ground level with residential units above, per WHYY.
Delaware-based Quadro Bay LLC purchased the building for $2.71 million.
🎷 Art Alliance: Curtis Institute of Music is expected to turn this Rittenhouse building into a space for music-related rehearsals and workshops, as well as administrative needs.
The institute bought the building for $7.6 million.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
22 minutes ago
- Business Upturn
Minda Corporation forms joint venture with Toyodenso to manufacture advanced automotive switches in India
Minda Corporation has entered into a strategic joint venture with Japan-based Toyodenso to provide end-to-end solutions for the Indian automotive switch market. The partnership will cover design, development, manufacturing, and marketing of advanced automotive switches for two-wheelers, passenger vehicles, and other automotive segments. Minda Corporation will hold a 60% majority stake in the joint venture, while Toyodenso will hold the remaining 40%. The venture has already secured orders from Indian customers and plans to set up a greenfield manufacturing facility in Noida, Uttar Pradesh. Operations at the plant are expected to begin in the second half of FY 2026–27. This collaboration aligns with Minda Corporation's strategy to localize new technologies and expand its synergistic product portfolio. Toyodenso will contribute cutting-edge engineering and technology, while Minda Corporation will leverage its strength in localized manufacturing and supply chain management. The partnership is poised to meet the growing demand for technologically advanced switches in the Indian automotive sector. Ashok Minda, Chairman & Group CEO, Minda Corporation Limited, commented, 'We are very excited and privileged to partner with Toyodenso, a Global Japanese company with rich legacy of technological innovation. This partnership marks a pivotal milestone in our journey to drive smart mobility solutions while fostering indigenous manufacturing by integrating globally recognized technologies into India's automotive ecosystem.' Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Yahoo
23 minutes ago
- Yahoo
Jewish deli offers traditional recipes and a taste of 'home' with new Westchester location
At a time when kosher delicatessens are closing more than opening, Epsteins, which has been in Hartsdale since 1969, has a second location. Their Somers spot, which opened June 9, has the same nostalgic vibe and Old School menu as Hartsdale (think pastrami on rye, knishes, matzoh ball soup and latkes), but is smaller, with about 40 seats as opposed to 125. Dale Stasi, who's owned the Hartsdale Epsteins since 2008, said she's long familiar with the area as her parents, who previously ran the business with her and her husband, Chris, used to live nearby in Heritage Hills. "This was an ideal location for us," said Stasi. "The community has been near and dear to our family so when we saw the opportunity to open here, we grabbed it." (The space had been a Mexican restaurant.) Dig in: Westchester restaurant scene heats up with 19 new spots this summer. See the list The history of Epsteins goes back to the Bronx when Seymour Epstein opened his first deli on Jerome Avenue in 1952. At one point he and his family owned five restaurants, including on Long Island and in Westchester. Along the way he sold them, including — in 2008 — to the Stasis who ran them with Dale's parents Robert DeGroat and Marion Rainone. (The Yonkers location, which closed last May, had, since 2008, not been affiliated with the Hartsdale location.) "In New York alone there used to be 500 kosher restaurants," said DeGroat. "Now there are less than 500 in the country." Still, Stasi believes it's a viable business. "The amount of people that have told us how happy they are we opened and how the food feels like their childhood has been overwhelming." "There's a strong sense of heritage in this cuisine and it's important that we keep it alive." That means traditional recipes that date back to the Bronx like stuffed cabbage, noodle kugel, potato latkes, kishke (also known as stuffed derma), kreplach, Hungarian goulash and brisket. More: Summer eats: Our food reporter's picks include Lower Hudson Valley's best lobster and more And, of course, pastrami, corned beef and brisket, the three of which are top sellers. Instructions on the menu advise diners to tell their server if they want their meat carved traditional (naturally fatty, juicy and full of flavor), trimmed (meaning some fat is removed) or first cut, which is super lean. For a taste of all three, they also offer a knish made with a mixture of each. Stasi is also particularly proud of their hot dogs which are another top seller. In a nod to the family that created it all, you'll also find Grandma's Trio (derma, cabbage and a meatball) which references Seymour's mother. Stasi said since Seymour (since deceased) started the company with his wife Gloria (also deceased) and brothers, there have only been three owners: Seymour, his nephew and the Stasis. And now new generations have found — and enjoyed — their food, with a lot of customers coming from Hartsdale or remembering them from when their bar or bat mitzvah was catered by Epsteins. "There's a comfort in going back to your roots," said Stasi. "These are traditional recipes that have been passed down for generations and I think people appreciate that. "It's like a little taste of home." Address: 325 Route 100 (in Somers Centre), Somers, 914-556-6393, Hours: 11 a.m. to 7 p.m. daily (subject to change). Good to Know: Outdoor dining to come. Have you been to Hartsdale? Epsteins' original location is at 387 Central Ave., (Dalewood Shopping Center), 914-428-5320. Want more info on dining in the lower Hudson Valley? My weekly newsletter is free — and often includes behind-the-scenes deets I don't always share in my stories. Sign up at Also, if you have news on restaurant openings or closings — or just want to say hi —email JRMuchnick@ Jeanne Muchnick covers food and dining. Click here for her most recent articles and follow her latest dining adventures on Instagram @jeannemuchnick or via the lohudfood newsletter. This article originally appeared on Rockland/Westchester Journal News: Epsteins in Somers NY: Jewish deli opens second Westchester location
Yahoo
24 minutes ago
- Yahoo
‘The market is as clueless as the Fed': Why this trader says stocks could continue to do well for months
As traders brace for a fresh round of U.S. inflation data this week, a new twist is developing in the way some are thinking about the likely impact of tariffs and the path that major asset classes could take from here. For Gang Hu, a trader at New York hedge fund WinShore Capital Partners, the conclusion is that stocks can still power higher no matter what this Wednesday's consumer-price index for May shows and despite continuing uncertainty about inflation. That's in contrast to the views held by many market participants through April 8 — when the Dow Jones Industrial Average DJIA, S&P 500 SPX and Nasdaq Composite COMP all fell to 52-week lows just three days after President Donald Trump's 10% baseline tariff on U.S. imports from most countries took effect following months of trade uncertainty. 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell? 'The situation is extreme': I'm 65 and leaving my estate to only one grandchild. Can the others contest my will? 'I prepaid our mom's rent for a year': My sister is a millionaire and never helps our mother. How do I cut her out of her will? I bought my mother-in-law a condo — and she took out a $30,000 car loan. Now she refuses to get a roommate. 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. One big reason for the current shift in thinking is that the full impact of tariffs is taking longer than expected to show up in the final price of goods, and it may take up to three more months for this to play out. Anecdotal information in the Federal Reserve's Beige Book report released last week revealed that, as of May, businesses planned to pass on tariff-related costs by August. This delayed impact from tariffs has since been factored into traders' expectations for the core CPI inflation rate that excludes food and energy, which is seen as likely to peak on a monthly basis in August. Traders of derivatives-like instruments known as fixings are now preparing for the monthly core CPI rate to rise to just over 0.4% in August, up from 0.2% for April, according to Hu's calculations. They expect this rate to then slide back down to below 0.2% for November and December, before inching up toward 0.3% again by next March. However, there's more to this than meets the eye, Hu said, and these numbers don't mean much of anything. 'In reality, the market is as clueless as the Fed,' Hu said via phone on Monday. 'The market is not currently pricing in any second inflationary impact in the form of a wage-inflation spiral, which could happen fast, and the market is not pricing in any recession impact.' What's more, previous fears of a U.S. recession have yet to come to fruition after years of speculation, even though recent data such as last week's jump in unemployment-benefit filings and a contraction in the services sector point to signs of a slowdown. The result is that the stock market has generally stabilized. On Monday, U.S. stocks closed mostly higher as traders awaited details of U.S.-China trade talks being held in London. The S&P 500 and Nasdaq Composite finished the session at their highest levels since February, at 6,005.88 and 19,591.24 respectively, despite lingering questions about the inflationary impacts of tariffs. Also on Monday, analysts at Barclays said signs of stagflation, or the unwelcome mix of slowing economic growth and increasing inflation, have 'crept back' into the data, and this week's inflation report has the potential to show 'the first real evidence of tariff-linked price pressures.' Even so, one-year BX:TMUBMUSD01Y through 30-year BX:TMUBMUSD30Y Treasury yields finished lower after a monthly survey from the Federal Reserve Bank of New York indicated nationwide consumer expectations for inflation had dropped in May. Hu has demonstrated a propensity for being on target with his thinking on inflation. In July 2022, he told MarketWatch that 'inflation is going to be stickier than most people imagine,' which turned out to be the case. Less than a year later, in February 2023, Hu said inflation could easily take more than a year to decline enough for the Fed to cut interest rates. The Fed raised borrowing costs to as high as 5.25%-5.5% in July of that year, then left them unchanged for more than a year before delivering its first rate cut in September 2024. According to Hu, tariffs are a bit of a double-edged sword. They have the potential to either drive the U.S. into a recession or lead to further inflation that keeps the Federal Reserve on hold at a benchmark rate of between 4.25% and 4.5%, creating a fairly wide range of possible outcomes for the economy in the months ahead. An example of just how wide the band of trading can be is illustrated by what has already happened this year: The S&P 500 and Nasdaq Composite reached their year-to-date closing highs of 6,144.15 and 20,056.25, respectively, in February. Less than two months later, on April 8, they fell to their lowest closing levels of the year, at 4,982.77 and 15,267.91. As of Monday, they rose back to their highest closing levels since February. For now, 'the market could be reasonably stable even in the presence of uncertainty,' Hu said. 'Rate-cut expectations could be either too low or too high, and 2025 cuts could easily be zero or 100 basis points in reality. Daily price changes could be very large, and we could go to the top and bottom of ranges very quickly, with few people fading anything in most asset prices. But all in all, prices stay in a range.' He added: 'The million-dollar question is, will there be a secondary impact of the initial inflation shock in the form of a wage-inflation spiral? By September, we should have a decent idea of whether there will be a secondary impact.' Economists polled by the Wall Street Journal expect the May consumer-price index released on Wednesday to produce a 2.5% annual headline rate and 0.3% monthly core rate that are both benign relative to April's data. The producer-price index for the same month, which follows on Thursday, is expected to show a 0.2% increase versus a month-over-month drop of 0.5% in April. My son, 39, will be released from prison in 2030. Do I leave him my $100K life insurance? 20 stocks bucking bad trends on Wall Street — what might be next for them? I have $1,000 in credit-card debt. Will I be able to hide my inheritance from the bank? How do I make sure my son-in-law doesn't get his hands on my daughter's inheritance? 20 stocks of companies that have improved profit margins and are expected to grow quickly Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
