The sight at 1441 was once eyed by Waldorf Astoria as a potential $420 million condo/retail/restaurant complex.  On Tuesday it sold at an auction at the Union League for $12 million instead. The buyer was Brooke Lenfest of Brooks Capital Group L.L.C. in Bala Cynwyd.  Lenfest does not yet have plans for the property.  The seller in this exchange was Mariner Chestnut Partners L.P.

Timothy Mahoney of Mariner Chestnut Partners cited soft hotel/condo markets and tight financing as the reasons why the 58 story Waldorf building plans fell apart.  Mahoney said he thought that the land “should have gone for above $15 million, but that tells you where the market is today.  It’s a very tough market.”

The Waldorf Astoria is just one of many major Center City hotel projects that have folded due to frozen lending markets.  Auctions like this are increasingly being used throughout the United States to determine the market value of properties in major cities due to these tough economic times.

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