NYO Property Group Lists Flats, Erie Terminal for Sale
YOUNGSTOWN, Ohio – NYO Property Group has listed two of its properties – The Flats at Wick and Erie Terminal Place – for sale through Platz Realty.
The Flats, 139 W. Madison Ave., is listed for $8.5 million. The student apartment building near the campus of Youngstown State University is nearly 54,000 square feet and includes 49 units. Development of the building began in 2012.
In April, Morgan Stanley Bank filed a foreclosure complaint against the property, alleging The Flats was in default of a $5.5 million loan it secured through the bank in December 2012. Flats at Wick has filed a counterclaim against the bank. According to the Mahoning County Common Pleas Court, the case is pending before a visiting judge.
At the time of the filing, The Flat’s attorney, Michael Pasternak, called the lawsuit “absurd,” noting that NYO’s managing partner, Dominic Marchionda, made all of the proper payments to the bank.
Erie Terminal, 112 W. Commerce St., is listed at $6.35 million. The 48,000-square-foot building features 40 apartments on the top five floors and three restaurants on the ground floor. After extensive renovations, the building opened to tenants in 2012.
The two buildings are the just the latest properties NYO has placed on the market. Last year, the development company sold the former St. Vincent De Paul building at the corner of Rayen and Wick avenues to Campus Lofts LLC, which will build student housing at the site.
And on July 9, Marchionda said NYO had entered into a purchase contract with a group led by developer James Sabatine Jr., who is also part of the Campus Lofts group, to purchase the Legal Arts Building downtown. No price was announced, but Marchionda said then that he expected the sale to close within 60 days.
Marchionda, along with former mayor Charles Sammarone and former finance director David Bozanich, were indicted on 101 counts of corruption charges in August 2018. All three men have pleaded not guilty.
Their trial is expected to begin June 1, 2020.
Copyright 2020 The Business Journal, Youngstown, Ohio.