Saturday, August 25, 2012
YOUNGSTOWN
A downtown developer has finalized the purchase of the vacant Wick Building, which he plans to turn into an apartment complex.
Lou Frangos, who has owned the building since May 20, 2005, confirmed to The Vindicator that he finalized the sale Friday for $150,000 to Dominic Marchionda.
Frangos purchased the 13-story building from the city for $125,000. He had planned to turn the building into downtown housing but never did.
However, that is Marchionda’s plan for Wick, at 34 W. Federal St., he said.
A cost estimate on the project isn’t finalized, but Marchionda said the plan is to have about 40 housing units in the building. The work is expected to start before the end of the year and take 12 to 15 months to complete, he added.
Frangos sold to Marchionda last month his 50-percent shares to Realty Tower Apartments at 47 Central Federal St., the Stambaugh Building at 44 E. Federal St. and the structure’s adjacent parking deck.
The other 50-percent owner of those properties is Wick Ohio One, owned by Pan Brothers Associates of New York City.
Frangos is giving Wick Ohio One and Marchionda until next month to buy his half-ownership of three other downtown buildings: the First National Bank Tower at 1 Central Federal St., the Harshman Building at 101 E. Boardman St., and the former St. Vincent De Paul Society Building at 235 Wick Ave.
When asked about progress on buying those three buildings, Marchionda said, “It’s absolutely looking good.”
Marchionda purchased the Wick Building by himself.
Frangos also had sold the Erie Terminal at 112 W. Commerce St. to Marchionda in August 2011 for $740,000. Frangos had bought the building in June 2007 from the city for $375,000.
Marchionda spent about $9 million to convert the vacant structure into housing for Youngstown State University graduate students and upperclassmen as well as young professionals.
About 30 of the building’s 40 apartments are rented, Marchionda said.
Frangos still has ownership of three downtown buildings: the Plaza Parking Deck and Building at 53 S. Champion St., the Chase Building at 6 Central Federal St., and a vacant building at 213 W. Boardman St., which also includes a parking lot.