Everything must go on Fabric Row, at least on the block just south of Bainbridge Street. A few months ago, we told you that Famous 4th Street Deli was listed for sale for $5M, in a listing that included the bricks of its home, the double wide building at the southwest corner of 4th & Bainbridge. We were in the area the other day, and noticed a sign on a row of buildings at 706-10 S. 4th St., which we believe were once associated with the deli. Over the last decade or so, the Famous 4th Street Cookie Company home office was located here, but that business was sold and moved to larger warehouse space in East Falls. As a result, three mixed-use buildings could be yours for a cool $3M.
Looking at the listing, it appears these buildings could represent an opportunity for somebody. As the sign says, the buildings have 53′ feet of frontage on Fabric Row, but like the rest of this corridor, the properties aren’t listed on the local historic register. By right, a developer could demolish the existing buildings and build an apartment building with 8 residential units and retail on the first floor. We don’t know that we’d love this outcome, but it’s certainly possible. Alternately, someone could do a little work to the existing buildings, find new tenants for the retail spaces and some additional residential tenants upstairs and make a long term rental play. At the current asking price, we aren’t sure that either approach would be financially feasible, but we confess we haven’t carefully vetted the numbers.
Surely someone will eventually come forward and purchase these buildings, bringing change to the ever evolving Fabric Row. Maybe it’ll be you?