Marchionda’s NYO Group to Sell Realty Tower
YOUNGSTOWN, Ohio – A sale of the Realty Tower downtown is expected within the next two weeks, the head of NYO Property Group said Tuesday.
The 13-story, 23-unit apartment building at 47 Federal Plaza, was built in 1904. It is being sold to YO Properties 47 LLC, Dominic Marchionda, NYO’s managing partner, confirmed.
“For the right opportunity, we’re always looking,” Marchionda said.
He declined to identify the principals involved in YO Properties.
Earlier in the day, the city’s Board of Control approved reassigning the lease of the parking lot adjacent to the Realty Building as well as a related tax abatement from Management Parking LLC, an NYO entity, to YO Properties 47.
The 40-year lease for the parking space was signed in September 2006. The 12-year tax abatement expires in 2022. According to the city memorandum presented to the Board of Control, YO Properties 47 “is expected to purchase” the building “in the coming weeks.”
“The building was going to start needing some work. I felt it was a good time [to sell],” Marchionda said. The Realty Tower has been on the market for six months, he said.
The developer, who is awaiting trial on charges he misused public funds related to several of his downtown development projects, declined to state the sale price until the deal closes. Mahoning County records show the building is valued at $1.5 million.
The Realty Tower was purchased for $750,000 in August 1989 by Tri State Renaissance, a Pittsburgh entity that held title to several downtown properties during the 1980s. In December 2000, it was sold for $540,000 to USA Parking Inc., a Cleveland company, and then transferred to Management Parking LLC in April 2001.
According to the Mahoning County Auditor’s office, annual property taxes amount to $13,707.40. For the 2017 tax year, none have been paid.
YO Properties 47 filed documents with the Ohio Secretary of State’s office May 18 to form a limited liability company. Local attorney Bryan Ridder is listed as the agent/registrant.
“I am legal counsel for the buyer in this transaction,” Ridder said in an email responding to a request for comment. “As the sale is pending, my client’s principal will not currently be making any comment.”
In a subsequent email, Ridder confirmed that the buyer is not affiliated with NYO or Management Parking.
Marchionda, developer of the new DoubleTree by Hilton Downtown across Federal Street from the Realty Tower, said NYO is “in discussions all the time” regarding the sale of potential properties.
Last August, the Western Reserve Port Authority announced it would pay $675,000 to buy the Harshman Building from NYO and renovate the building. The port authority will lease part of the building to Eastern Gateway Community College and is working to sign an agreement with another tenant for the top floor of the building.
“What’s happening is that as downtown is becoming more vibrant and people are starting to see what’s happening, more people are coming to the table and looking for opportunities,” Marchionda said.
The 46,000-square-foot Realty Tower has 5,000 square feet of commercial space on the ground floor.
Other buildings NYO owns include the Wick Tower, Metropolitan Tower, Flats at Wick and Erie Terminal Place.
Copyright 2024 The Business Journal, Youngstown, Ohio.
