Historic Farr Lofts building in downtown Allentown sold

The historic Farr Lofts building next to the PPL Center in downtown Allentown has a new owner.One Third Holdings of Lakewood, N.J., in late May purchased the century-old classic revival building for $4.2 million from Metropolis Management of New York, according to county records. Middlegate Properties is now managing the residential and retail space.Farr’s Shoe Store. (MORNING CALL FILE PHOTO/)Metropolis bought the former Farr shoe store building at Eighth and Hamilton streets in 2004 for less than $500,000. The firm spent $4 million rehabbing the four upper floors into 20 luxury apartments that hit the market in 2006, three years before the Neighborhood Improvement Zone was legislated into existence and six years before most of the block (27 buildings over 5.3 acres) was razed to make way for the arena complex. How the Farr building withstood demolition for the PPL CenterDTLR Villa occupies the retail space on the ground floor of the 30,000-square-foot building, 739 W. Hamilton St., directly across the street from the new, 300,000-square-foot Five City Center office building.Each unit in the Farr Lofts features 12- to 15-foot ceilings. Rent for studio spaces starts at $975; one-bedroom lofts start at $1,150; and two bedroom lofts start at $1,350. Units are available.One Third Holdings plans on updating some details in the building, but its main goal is to “preserve its historic element and beautiful architecture providing a luxurious nostalgic living space for the modern eye,” Middlegate principals Joseph Klein and Emmanuel Kazlow said Tuesday.One Third Holdings sees an opportunity to be part of an “unprecedented revitalization of a city,” Kazlow said. The investment group last year bought the Julian Court apartment building at 1521 W. Union St., and a mixed-used building at 142 N. Seventh Street.“We look forward to witnessing the potential of this great city and hope to be a part of its progress,” he added.The Kislak Company brokered the deal, and Eastern Union Funding arranged financing. The loan was provided by Greystone Company through Fannie Mae.The Farr family first opened a shoe business at the site in the 1860s.Morning Call reporter Andrew Wagaman can be reached at 610-820-6764 or awagaman@mcall.com
Source: Morningcall