MPN’s Steven Clofine, Veronica Blum and Joe Scarpone represent the seller.
The 100-year-old Famous 4th Street Delicatessen in Queen Village is officially being listed for sale with an asking price of $5.95 million.
Philadelphia commercial real estate brokerage MPN Realty posted the listing for the Jewish deli on Feb 15. Although MPN does not include an asking price on its listing, a cross-posting on online commercial real estate marketplace Crexi shows the three-story property is being marketed for $5.95 million.
The sale includes both the 7,263-square-foot building at 700 S. 4th St. and the popular business, along with all of its current furniture, fixtures and equipment.
Famous 4th Street Deli was founded in 1923 on the corner of 4th and Bainbridge streets. In addition to its oversized corned beef and pastrami sandwiches, the restaurant is know for being a hub for Philadelphia politicians each Election Day. The Jewish deli has also been featured in movies such as the 1993 drama “Philadelphia” and the 2005 romance “In Her Shoes” and on Food Network’s “The Rachel Ray Show.”
Russ Cowan, the restaurant’s current owner, purchased the property in 2005 for $700,000, according to Philadelphia property records. Before that, it had been owned by the same family for more than 80 years. The Famous 4th Street listing comes as Cowan prepares to open Radin’s, a Jewish deli, over the Delaware River in Cherry Hill sometime in 2023. Radin’s will replace Short Hills Restaurant & Deli, the restaurant that leased the space before Cowan took it over earlier this year.
Cowan also previously opened a second location for Famous Fourth Street at 38 S. 19th St. in Rittenhouse in 2009, but later sold the property in 2014. The space is now the home of Bao Nine, an Asian Fusion restaurant.
Cowan couldn’t be reached for comment on Thursday.
The first floor of the Famous 4th Street building contains the finish kitchen, food display cases and seating area, while the second level holds the prep kitchens and related equipment, according to the listing. Both the basement and second floors feature walk-in food refrigerators and freezers and dry good storage.
Famous 4th Street Deli serves a wide variety of items on its menu, including bagels, sandwiches, salads and soups. It cures its meats on site and bakes its desserts in house in its full-service bakery.
The restaurant has been listed before. In 2016, it hit the market for an asking price of $5 million, according to the Philadelphia Inquirer. Cowan has previously told the publication that the business has always been for sale for the right asking price.
Emma Dooling
