Police said the man was a resident of the building, although some neighbors thought he might have been a guest.
They described the elevator as an old-style gated lift. The five-floor rental building, also older and with outside fire escapes, is in the Washington Square West neighborhood near several trendy restaurants.
The accident was reported shortly before midnight. The victim was pronounced dead at Thomas Jefferson University Hospital at 1:14 a.m. Saturday.
A spokesman for the state Department of Labor and Industry said an inspector would be dispatched to the building Monday.
"We're working with local law enforcement to ensure the elevator is out of service and secure," spokesman Christopher S. Manlove said.
City Licenses and Inspections Commissioner Frances Burns said her agency had no jurisdiction over elevators.
Contact staff writer Rita Giordano at 856-779-3841 or rgiordano@phillynews.com.