Chase Tower Sale Closes Above Final Bid
YOUNGSTOWN, Ohio — Nearly a month after a buyer committed to purchasing Chase Tower downtown, the sale closed Tuesday for $918,750, according to documents from the Mahoning County Auditor.
The final sale price is $43,750 more than what was initially reported. After the building was put up for auction for the second time this year, Mohammed Hasan of Ashiana Homes Inc. placed a winning bid of $875,000 for the property on Aug. 11.
The New York-based commercial real estate investor said the building caught the firm’s attention as it eyed opportunities along the East Coast.
Ashiana Homes purchased the property from USA Chase Building Youngstown LLC – part of the Cleveland-based Frangos Group – which bought the building in April 2008 for $775,000.
Courting a bank for the first floor is Hasan’s priority, but he said his backup plan is to bring in some kind of nightlife, such as a restaurant or event space for the first- and second-floor units.
He also looks to convert three to four floors of the 14-floor building into modern apartments. Each floor has about 9,000 square feet of space, which he plans to divvy up into 800-square-foot parcels for each apartment, creating 40 to 50 units.
Hasan expects work to begin converting the floors to apartments after the next six months.
Copyright 2021 The Business Journal, Youngstown, Ohio.