NYO Property Group’s Flats at Wick Set for Sheriff’s Sale
YOUNGSTOWN, Ohio – A private apartment complex near the campus of Youngstown State University, is scheduled for sheriff’s sale on Aug. 16, according a posting on Mahoning County’s website.
The Flats At Wick at 139 W. Madison Ave. is among the properties listed up for the auction set for that date.
According to the listing, the building is appraised at $5.7 million and the minimum bid for the property is $3.8 million.
NYO Property Group owns the Flats At Wick and developed the housing complex in 2012 to provide apartments for YSU students.
Records from Mahoning County Common Pleas Court show that in 2018, NYO principal Dominic Marchionda and Flats At Wick defaulted on $5.5 million in notes provided by Morgan Stanley Bank of America, triggering a foreclosure filing in 2019.
In February, the court ruled in favor of the plaintiff, U.S. Bank National Association, which served as trustee to Morgan Stanley Bank of America in the case. The court issued a judgment against Flats At Wick for $6.3 million, court papers show.
The court ordered the sheriff sale on May 26.
Marchionda pleaded guilty to four counts of tampering with records in 2020 after a drawn out probe into public corruption. Marchionda agreed to step down from management activity in other properties held by NYO as a condition of a plea agreement.
Copyright 2023 The Business Journal, Youngstown, Ohio.