News
Philadelphia Multifamily

MISCOMMUNICATIONS

A long-storied HQ building in far-flung Northern PA is about to get a new owner, and perhaps another shot at life. Real estate auction house Sheldon Good & Co has the former HQ for the infamous Adelphi Communications for sale in a sealed bid auction Oct. 6, according to its website. The nearly 81k SF office in Coudersport is being sold by American Metro Bank after it foreclosed upon the property from Klek Development earlier this year, according to reports. Officials with Sheldon Good did not return phone calls seeking comment. Adelphi collapsed into bankruptcy in 2002 amidst scandal after it revealed it hid more than $2B in debt in off-balance sheet transactions. It's founder John Rigas and his son Timothy Rigas are still serving prison time. Here's hoping the next owner—and tenant—has a much better story to tell.

Continue reading this story with a free account

Log in or register
Related Topics: Northern PA, Sheldon Good
Sign up for more articles like this
Subscribe to Bisnow's Philadelphia Newsletters
Related Stories

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Philly Retail Momentum Spills From Rittenhouse Into Northern Liberties

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

'Redefining Industry Standards': RCG's 3-Pronged Approach To Building Automation

Bringing Stability And Savings To CRE Insurance Through Working Layer

Philly's Big-Box Warehouse Owners Subdivide Spaces After Developing 'The Wrong-Size Buildings'

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

King Of Prussia Pursues Stadium To Anchor $200M Mixed-Use Complex