Welcome to the beginning of a new era for the Brith Sholom apartment complex in Wynnefield! After a judge’s approval, the Philadelphia Housing Authority is set to become the new landlord of the 360-unit building at 3939 Conshohocken Ave. The sale, finalized for $24 million, ensures that this property will continue to provide affordable housing for its residents, with the potential for much-needed upgrades to the aging infrastructure.
Exciting News: SEPTA announces expanded Regional Rail service on weekends to accommodate increasing demand.
Previous owners, New World Commercial Credit, had run into financial troubles after extending a $36 million loan to a company linked to the Puretz family. The Puretz family members, involved in mortgage fraud and utility payment theft cases, ultimately defaulted on their loans for multiple properties in the area, including the one near Brith Sholom.
Following bankruptcy filings by the owners, the property transitioned into receivership, signaling a fresh start for residents who have long endured subpar living conditions, including leakages, mold, pests, and code violations. Despite these challenges, the building has remained a cherished senior community deeply rooted in the local Jewish heritage.
The sale proceeds will help settle outstanding debts with various companies, such as PECO, Philadelphia Water Department, and Philadelphia Gas Works, preventing utility shutoffs that could have affected the tenants. The negotiations with these entities ensure that essential services will continue uninterrupted for the residents.
The sale is anticipated to be finalized by the week’s end, heralding a new chapter for Brith Sholom and its occupants. Stay tuned for updates on the transformation of this historic property into a revitalized community hub for affordable living!