Mahoning Bank Building Fetches $2.3M Sale Price

YOUNGSTOWN, Ohio – The landmark Mahoning National Bank Building downtown fetched $2.3 million when it sold to a New York-based investment group two weeks ago, according to records filed with the Mahoning County Auditor’s office.

22 Market Street Ohio LLC, which gives its address as 51 Forest Road, Monroe, N.Y., is the new owner of the 13-story building, according to auditor records.

Bill Kutlick and Adam Divelbiss of Platz Realty Group handled the transaction for their client, Mahoning National Bank of Youngstown, and announced the sale Dec. 14. However, the name of the buyer and sale price were not disclosed.

Most recently, the office building housed Huntington Bank as a major anchor tenant. Huntington acquired Sky Bank in 2007, which had earlier acquired Mahoning Bank in 2000.

Huntington has since relocated to smaller offices in the Stambaugh Building.

In August, the local architect representing 22 Market Street presented a conceptual plan for redeveloping the building before the city’s design review committee. The committee then gave its general approval to the plan.

“We’re finalizing the design documents and hoping to start construction in the first quarter of next year,” Annissa K. Neider, principal of A. Neider Architecture LLC in Canfield, said in an email to The Business Journal on Dec. 14.

The plan is to reserve the first four floors of the building for commercial space and convert the upper nine floors into residential units.

Most of the residential levels would have a studio apartment, three two-bedroom units and four one-bedroom spaces, she said at the August meeting. The plan also calls for returning the building’s corridors to their historic charm and preserve features such as its marble floors to qualify for historic preservation tax credits.

The office building at 23 Federal Plaza is among the most historically significant structures in the city. Built in 1910 and designed by the Detroit architect Albert Kahn, the building is listed on the National Register of Historic Places.

The building joins several other downtown properties that have sold within the past two years. In August 2021, the Silver’s Vogue Shop building along Federal Street sold for $460,000 and is undergoing renovation to be repurposed into retail, commercial and loft apartment space.

Also in 2021, the 14-story Chase building on Federal Street was sold for $918,750. Meanwhile, the city continues to seek prospective buyers for 20 Federal Place downtown.

Copyright 2024 The Business Journal, Youngstown, Ohio.