Wednesday, October 3, 2012

Developer gets control of Divine Lorraine Hotel

"A rejuvenation of the defaced Divine Lorraine Hotel on North Broad Street can move forward after title to the property today transferred to developer Eric Blumenfeld.

At the city's monthly Sheriff's sale, Blumenfeld was the sole bidder for the empty hotel at 699 N. Broad Street.
Already active on North Broad Street, Blumenfeld plans to convert the building into rental units with restaurants on the ground level.

Blumenfeld gained control of the site in a two-step process: On Monday he bought for an undisclosed price an outstanding note on the property from the New York-based Amalgamated Bank. By taking title on Tuesday, he will pay off city taxes and other liens. The value of both the mortgage and liens is $8,054,104.39."

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