Banking & Finance

Auction of Former Cafaro HQ Draws $1.345M Bid

YOUNGSTOWN, Ohio – An online auction concluded Wednesday for the former headquarters of the Cafaro Co., but that might not be the last word on the fate of the property.

Negotiations are underway with a potential buyer, Joe Bell, Cafaro director of corporate communications, said yesterday afternoon. “We’ll have to see where it leads and we hope to have some kind of resolution we can report to you soon,” he said.

The online auction, conducted by Ten-X, concluded shortly after 2:30 p.m. with a final bid of $1,345,000 for the building, 2445 Belmont Ave. According to the auction page, the buyer’s reserve had not been met on the 44,000-square-foot building.

The property, valued at $2.6 million with a $1.5 million reserve, includes the 44,019-square-foot building, 3.59 acres of land and all remaining furniture and contents.

Bell said he could not comment on the reserve or provide additional details about the auction, and a representative of Ten-X did not respond to requests for comment.

The Cafaro Co, founded in 1949 in Youngstown, relocated its headquarters May 31 to a new three-story building attached to the company’s Eastwood Mall.

The southern half of the Belmont Avenue office building was built in 1964, while the northern half was built in 1980.

Published by The Business Journal, Youngstown, Ohio.