Developer purchases another property downtown

YOUNGSTOWN —Despite a sluggish economy, Louis A. Frangos said he strongly believes the city’s downtown is on the cusp of a major turnaround.

That’s why the real estate developer purchased another major downtown property, the Chase Bank Building at 6 W. Federal St., for $775,000.

Frangos’ companies, particularly USA Parking Systems, already own or co-own 10 downtown buildings and several parking lots.

Frangos, of Cleveland, is one of the major nonpublic owners of property in the city’s downtown.

“With the purchase of this latest property, the Chase Bank Building, we continue to demonstrate and express our confidence in the future and redevelopment of not only downtown Youngstown, but also to the entire [Mahoning] Valley,” he said.

The 135,298-square-foot constructed in 1925, is 40.6 percent occupied. Its anchor tenant is JPMorgan Chase Bank, which occupies 25,064 worth of space.

BREOF [Brookfield Real Estate Opportunity Fund] Bank Midwest LLC of Toronto, Canada, bought the building Oct. 16, 2006, from Union National Bank of Youngstown for $1,743,490.

For the complete story, read Tuesday’s Vindicator or vindy.com