This property is located along Walnut Street, one of the most prestigious retail and dinning corridors in center city Philadelphia.  The property comprises of two connected or adjacent buildings with a total of 14,000 SF plus full basements. The partnership intends to begin complete renovation in early spring of 2002 and convert the property into 7 luxury condominiums (8400 SF) and approx. 5,800 SF space.  The partnership expects completion of the project within 12 months.

The 7 residential units will be offered for sale while the commercial/retail space retained for income/cash flow purposes. This particular block is minutes away from dozens of center city restaurants, entertainment and prime shipping streets.  The block itself has six restaurants including Cosi (xando), Caribou, The Irish Pub and others.  The general partnership is comprised of Jeffery Casnoff, a developer in Old City and Zeev Shenkman, a businessman with over 23 years experience in banking, retailing and corporate development.  In addition, Alan Casnoff is an advisor to the partnership. This project is the third project of Historic Property Holdings.  The Textile Flats project along Chestnut Street is near completion (23 units plus 6,500 SF retail) while the second/Quarry project just began construction (15 units and 4,000 SF of retail).