Realty Building Sold Friday for $2 Million

Realty Building Sold Friday for $2 Million

YOUNGSTOWN, Ohio — The Realty Building, a 13-store, 23-unit apartment building at 47 Federal Plaza downtown, was sold Friday to YO Properties 47 LLC for $2 million. Property taxes in the amount of $13,707.40 also have been paid, according to the Mahoning County Auditor’s office.

The building was owned by Management Parking LLC, an affiliate of NYO Property Group, which is owned by developer Dominic J. Marchionda. It stands across from the newly open DoubleTree by Hilton hotel that Marchionda and his partners developed.

The identity of the investors in YO Properties 47 is unknown and cannot be ascertained from public records. The limited liability filed documents with the Ohio Secretary of State’s office May 18. Local attorney Bryan Ridder is listed as the agent/registrant.

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.

“The building was going to start needing some work. I felt it was a good time [to sell],” Marchionda said last week when The Business Journal reported a sale was pending. The Realty Tower has been on the market for six months, he added.

Copyright 2024 The Business Journal, Youngstown, Ohio.