Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
New York Developers Purchase National City Bank Building
"By Dan O'BrienYOUNGSTOWN, Ohio -- A development group based in New York City has purchased the National City Bank Building downtown, the first of future acquisitions the firm plans in the central business district."We plan to bring the building back to what it once was," said George Pantelidis, a principal in Pan-Bros. Associates Inc. He said the firm will work closely with National City Bank, the building's largest tenant, and USA Parking on economic development issues and efforts to attract more business to the building.The purchase was announced Monday night by Mayor George M. McKelvey during a ribbon-cutting ceremony for InfoCision Management Corp., which is leasing space in the Phar-Mor Centre The purchase price of the building was not disclosed, but Pantelidis noted the building is among the "highest-priced real estate downtown." The buiding is located on the corner of Wick Avenue and Commerce streets and is situated next to the Phar-Mor Centre.James Pantelidis, Pan-Bros.' chief financial officer, related the company is "very excited to be a part of revitalization in downtown Youngstown." The purchase closed Feb 1, he said. Another acquisition is likely to be completed within the next 90 days, he added.The group, which operates Park South Development, has inquired about other available properties downtown, including the Erie Terminal building. Other downtown buildings on the market include the Stambaugh and Wick buildings. Pan-Bros. has contributed to revitalization efforts in New York and Cleveland and became interested in Youngstown through Louis Frangos, president of USA Parking, George Pantelidis said.USA Parking owns several properties downtown. Among these are the Plaza parking garage and the Realty Building. Contact Dan O'Brien at [email protected]"