YSU Trustees OK Resolution to Buy Flats at Wick
YOUNGSTOWN, Ohio – The Youngstown State Board of Trustees approved a resolution Thursday authorizing the university to negotiate and enter into a purchase agreement with NYO Property Group for the Flats at Wick student housing complex.
The resolution called for the price “not to exceed appraised value” and for YSU to obtain appraisals of the land surrounding the Flats at Wick that are available for sale and “if deemed appropriate by President [Jim] Tressel,” move ahead on purchasing the parcels.
“We’ll be in the process of doing that in the next few weeks. There’s a variety of reasons why we might be interested,” said Ron Cole, YSU’s director of communications. “The building is well built, it’s well kept. It’s in good condition. It’s fully occupied and it’s a location that’s attractive for our students. Since it’s being sold, it’s something we’re interested in.”
Calls to NYO were not immediately returned.
In July, NYO listed The Flats, 139 W. Madison Ave., for sale with a list price of $8.5 million. Earlier in the year, Morgan Stanley Bank alleged The Flats was in default of a $5.5 million loan secured in 2012. Eleven days later, on April 26, NYO filed a counterclaim.
The 49-unit, 116-bed apartment building is across the street from YSU’s Cafaro House and adjacent to the Cafaro Family Field, a development that will provide space for intramural sports. The project is expected to be finished in October.
Copyright 2020 The Business Journal, Youngstown, Ohio.
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