Ferro Building Put on Market with Lower Price
EAST LIVERPOOL, Ohio – The Ferro Louthan Building, 2000 Harvey Ave., put on the market Nov. 4 with an asking price of $500,000, has drawn considerable interest, Brian Kennedy informed the Columbiana County Port Authority Monday.
Kennedy, chairman of the port authority real estate/buildings committee, told the CCPA board that he is encouraged by real estate agents’ interest in the 110,000-square-foot structure built in 1946 for light manufacturing. It was last improved in 1996.
The port authority, which acquired the building in 2000 for $260,000, has been trying to sell it but didn’t list it as up for sale until this month.
Chairman Charles Presley noted the building “needs extensive refurbishment” and is expensive to heat during cold weather, the heating bill running $2,400 a month just to keep the temperature at 50 degrees.
The port authority acquired the building two years after Ferro Corp. left — it had stood vacant two years – in hopes of attracting small businesses there, possibly developing an incubator.
The building has 10 offices and considerable storage space but only two tenants, one of which is leaving.
As Kennedy noted, the Ferro Building has been used mostly for storage. Only 20% is occupied, the port authority says.
When the port authority first sought to determine interest, it asked $1.2 million, Kennedy said, then reduced the price to $750,000 last year. Still no takers.
So the port authority had the building inspected and an appraisal performed. The port authority says the building has a useful economic life of 40 years.
Copyright 2024 The Business Journal, Youngstown, Ohio.