Two trios of Arts District buildings test the market, with one finding a buyer and the other put back up for sale

The building at the northwest corner of Broad and Adams was auctioned last month. (Mike Platania photos)

Despite receiving a $1.6 million bid at auction, a group of three mixed-use building in the Arts District is going back on the market. And just up the street, another trio of buildings has just changed hands.

The adjacent properties at 100 W. Broad St., 304 N. Adams St. and 314 Brook Road went to the auction block earlier this month, before the $1.6 million winning bid was rejected by the seller. 

The assemblage counts nine apartments and seven commercial suites in the heart of the Arts District. The auction was not a forced sale or foreclosure, but rather was held because the entity that owns the building, led by Harsh Patel, was dissolving. 

The auction was conducted by Tranzon Key on May 1 in the building’s courtyard. It drew a crowd of around 20, but most of the bidding was between two local landlords in Daniel Moreka and Kyle Stephenson of KRS Holdings. 

The auction was held in the C-shaped building’s courtyard.

Moreka ultimately had the winning bid of $1.6 million, but Tranzon’s Bill Londrey confirmed that the owners had rejected the bid and are now putting the building on the market. 

All nine of the building’s nine apartments are occupied, and nearly all the commercial spaces are as well. Retail tenants at the building include consignment shop It’s A Man’s World and memorabilia shop Scoreboard Collectibles. 

The current owners had bought the property for $1.5 million in 2014, per city records, and it was most recently assessed at $2.3 million. Tranzon is now accepting offers on the property. 

While the auction didn’t yield a sale for 100 W. Broad St. and its sister properties, another deal a few blocks down did reach the closing table, as 206, 214, and 216 E. Broad St. sold earlier this month for $950,000. 

The buyers were Saddam Hulaiqu and Abdulkalk Pady, who couldn’t be reached for comment. They bought the three vacant commercial buildings from Catalyst Development Co. Catalyst’s Justin Paley, who had bought them in a series of deals between 2016 and 2019, declined to comment.

Many of the other buildings on the block are owned by Douglas Development, a D.C. firm that has a large presence in the neighborhood. 

The Broad Street deal is the second sale Catalyst has made downtown this spring. Last month it sold the Penny Lane Pub-anchored French Quarter building for $3.1 million. 

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