New York firm buys Reading Eagle building
Property to be part of downtown revitalization
The former Reading Eagle Company building in downtown Reading has a new owner.
The Scharf Group, a Brooklyn, N.Y.-based real estate investment firm has completed the purchase of the building at 345 Penn St. It describes itself as “a fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, health care and senior housing properties nationwide.”
Steve Willems, managing partner of Wyomissing-based commercial real estate firm NAI Keystone, said in a press release that the sale was completed Oct. 23 and the new owner has taken possession.
The previous owner of the building was listed as Stamford, Conn.-based Twenty Lake Holdings LLC, a subsidiary of Alden Global Capital. Alden owns Media News Group, which includes the Reading Eagle.
The sales price was not disclosed. The 105,874 -square-foot Eagle building was originally listed for $3.25 million in October 2019.
Attempts to reach a Scharf Group spokesman Friday were unsuccessful.
“We are excited about their vision for the building and that they are investing in the Reading community,” Edward Condra, MediaNews Group senior publisher, said Friday. “This is an important step in Reading’s revitalization, and we will have a front row seat. 345 Penn Street has been our home since 1958 and will continue to be. We look forward to having some new neighbors.”
The new owner has already hired a development firm, Philadelphiabase di PM USA, to oversee the transformation of the building into a downtown destination featuring a mix of retail and commercial spaces.
The release said the new owners and iPM Assist Inc., a virtual construction project management company, are working with Alvernia University, small business owners and other vendors to redevelop the Eagle building and make it the center for business, dining and entertainment for downtown Reading and beyond.
Adjacent to Alvernia’s CollegeTowne project at Fourth and Penn streets, some potential uses of the building include such things as a business and art incubator on the top floor, a fitness center, a farmer’s market, Urban Air and rock climbing.
“We were thrilled to be selected to help with such an important building and very pleased with the result we were able to achieve,” Willems said in a statement.
MediaNews Group, a Denver, Colo.-based company that owns 97 publications across the country, purchased the assets of Reading Eagle Company for $5 million and began operating the newspaper July 1, 2019.
Reading Eagle Company filed for Chapter 11 federal bankruptcy protection March 20, 2019, citing an untenable financial situation.