Video obtained by Action News shows the suspects crashing the stolen Hyundai with officers hot on their tail.
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Police say two teens, ages 15 and 17, were caught by officers near the scene in the city's Wissinoming section.
Two guns were also recovered. Police say one was dumped by a suspect in the street and the other was found in the backseat of the stolen car.
The building damaged in the crash was deemed unsafe by the Department of Licenses and Inspections, and it may have to be torn down.
"Something has got to be done. I think it's the parents really. I think the parents aren't paying attention to the kids," said Wissinoming resident Cathy Motyl.
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Those we spoke with say they've become used to hearing incidents like these caused by teenagers in Philadelphia. They say it's time for the city to take further action, whatever that might be, to get things under control.
"My daughter stays in and she doesn't come out. My daughter is 15. So no I don't let her come out and hang out. No," said Motyl.
Police say they are investigating two other attempted car thefts in the area earlier Tuesday. They believe it's likely the same teens are involved.
Anyone with information on the third suspect is asked to call police at 215-686-TIPS.
RELATED: Check the 6abc Neighborhood Safety Tracker