Wednesday, October 1, 2014

E. Kahn Acquires Downingtown Property From Archdiocese

by Natalie Kostelni,  Staff writer for the Philadelphia Business Journal

E. Kahn Development Corp. has made two strategic acquisitions that will enhance existing land holdings in its portfolio.
In the largest purchase in terms of dollars and size, the developer paid $3.8 million to buy nearly 50 acres, which sit along Woodbine Road adjacent to the Downingtown Country Club in Downingtown, Pa., from the Archdiocese of Philadelphia. Kahn made the acquisition in partnership with Adam Loew and the Estate of Jack Loew.

The church operates St. John Vianney Center on about 15 acres of the tract and will continue to do so. Eli Kahn said he is still determining what to do with the land.

“This is ground we had been trying to buy for a long time and we’re not exactly sure what we are going to do with it yet,” he said. “We’re going to take our time and figure out what to do with it.”
In the other acquisition, Kahn paid $1.8 million for 144 Lancaster Ave. in Devon, Pa. Beatrice Goldfine and Carole S. Ben-Maimon were the sellers.

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