Parking lot could be deal breaker involving sale of 20 Federal Place

YOUNGSTOWN — The sale of the city-owned 20 Federal Place downtown office building could be decided by a parking lot.

The NYO Property Group, one of downtown’s largest landlords, wants to purchase the building for $1,973,000 over six years.

The company wants a parking lot on Commerce Street, near the back of the building, to be part of the deal, but city officials aren’t interested in selling it.

“The deal doesn’t work without the parking lot,” said Dominic J. Marchionda, NYO’s managing member.

“The parking lot is an issue,” said Mayor John A. McNally. “The city is not real interested in giving up ownership of that lot, so that factors into it.”

The two sides have spoken about a potential sale without much progress, McNally said.

“We’re still in the same place,” he said.

But Marchionda is optimistic a deal can be made.

“We definitely want to move forward,” he said. “Right now, we’re doing our due diligence.”

For the complete story, read Saturday's Vindicator and Vindy.com