In a span of less than six months, a team of Fox Rothschild real estate attorneys led by Craig L. Finger and Chad A. Lewis oversaw the bankruptcy liquidation sales of nine properties in Philadelphia owned by the now-defunct University of the Arts for $74.4 million.

The nine properties total about 760,000 square feet and are situated mostly along Philadelphia’s Avenue of the Arts — a historic section of Broad Street south of City Hall. (See map and chart below.)

Fox Rothschild was hired by Bankruptcy Trustee Alfred Giuliano to serve as special counsel after the University of the Arts closed abruptly in 2024 and filed a Chapter 7 bankruptcy petition.

Fox Partner Michael G. Menkowitz, a past Chair of the firm’s Financial Restructuring & Bankruptcy Department, was tasked with overseeing the real estate aspects of the bankruptcy process, including sales of all properties and pursuit of a series of appeals of the university’s real estate tax evaluations.

Menkowitz and Partner Andrew R. Stoll have nearly completed work on the tax appeals.

Nine Properties, Eight Buyers

The Fox real estate attorneys worked with broker JLL Capital Markets to sell all nine properties to eight buyers in a series of closings that began in January. The final sale closed on July 1, 2025.

Terra Hall – $18 million

• Closing date – February 12
• Buyer – Temple University

Hamilton Hall and Furness Hall – $12.25 million

• Closing date – March 17
• Buyer – Scout LLC

Juniper Hall – $11.6 million

• Closing date – March 28
• Buyer – Frankel Enterprises

Anderson Hall – $8.5 million

• Closing date – March 24
• Buyer – Dwight City Group

Art Alliance Building – $7.6 million 

• Closing date – January 21
• Buyer – The Curtis Institute

Arts Bank Building – $7.2 million

• Closing date – February 14
• Buyer – Quadro Bay

Spruce Hall – $7 million

• Closing date – April 17
• Buyer – 1228 Spruce LLC

Gershman Hall – $6.75 Million

• Closing date – July 1
• Buyer – Lubert Adler

As this article contains statements regarding past performance, please note that results may vary depending on your particular facts and legal circumstances.