PHILADELPHIA, Aug. 21, 2025 (GLOBE NEWSWIRE) -- The iconic Wanamaker building was successfully sold as a third-party sale through an online auction conducted by Bid4Assets, the leading online marketplace for distressed real estate auctions, in partnership with the Philadelphia Sheriff’s Office. The property was acquired by a real estate developer for a remarkable $30 million in a single-day auction held on June 3rd.
Sheriff Rochelle Bilal applauded the auction’s success and the collaborative efforts that made the sale possible, saying, “The Wanamaker building is an integral part of Philadelphia’s history, and I am proud that we were able to facilitate a sale that ensures its continued development in a way that benefits our community. The innovative online auction platform provided by Bid4Assets has revolutionized the way our office handles real estate auctions, increasing participation and transparency while reducing costs. This sale reflects the positive impact of embracing technology for public service.”
TF Cornerstone, a New York real estate developer has acknowledged that they were the company behind this purchase. According to TFC, plans for the historic building include its transformation into hundreds of modern condominiums, giving the structure a new chapter of life while preserving its legacy.
Bid4Assets President Jesse Loomis also expressed excitement about the landmark auction. “It’s an honor to assist in the sale of such a historic property,” Loomis said. “Bid4Assets has been pioneering online real estate auctions not only in Philadelphia but across Pennsylvania counties. By shifting to online platforms, we’ve seen higher auction participation, increased third-party sales, and smoother, more cost-effective processes. This success story highlights the growing trust in online real estate auctions as the future of property sales,” stated Loomis.
The Wanamaker building’s sale highlights the wide range of properties that can be transacted via digital platforms like Bid4Assets, from vacant lots under $10,000, to a wide range of homes, to high-valued commercial real estate.
More details about upcoming online auctions in Pennsylvania can be found directly on the Bid4Assets website.
About Bid4Assets
Bid4Assets is one of the world's leading online marketplaces for the sale of distressed real estate property sold by governments, county tax-collectors, financial institutions, and real estate funds. It conducts online tax and foreclosure sales for counties across the United States and has sold more than 150,000 properties grossing more than $1.8 billion in completed government transactions. Bid4Assets is a wholly owned subsidiary of Liquidity Services.
Contact: Sean McLaughlin Digital Marketing Manager sean@bid4assets.com (301) 562-3427
