The nutshell: Two Hasidic Jewish property speculators from Brooklyn who own this building and a bunch of other crappy property around Philadelphia have defaulted on massive mortgages. This is the building located adjacent to the Rite Aid at the 8th and Market station for SEPTA/PATCO.
This was discovered after researching a derelict property at 1817 E York St over in Kensington that is having problems with break-ins (it's a large factory nearly the size of a city block).
The case is still ongoing. The foreclosing bank is City National Bank.