YOUNGSTOWN, Ohio (WKBN) – The tallest building in downtown Youngstown now has a new owner. It’s a Nevada-based company that already has local holdings because it believes the Youngstown area is a good place to invest.
At 16 stories, the First National Bank building is the tallest among downtown Youngstown’s skyline.
The building was most recently operated by the Dominic Marchionda-led NYO Property Group.
Now, it has been sold to Big Blue Properties of Henderson, Nevada.
Don Thomas of Platz Realty helped put the deal together.
“Given all the good things that are happening in downtown with Youngstown State, the Business Incubator, Additive Manufacturing — get in on the ground floor and watch this thing take off,” Thomas said.
The first thing Big Blue Properties wants to do is stabilize the tenancy. The Regional Chamber is in the building, along with First National Bank. The company wants both of them to stay.
Then, it’s going to replace the roof, fix the masonry, powerwash the exterior and replace the lights on the top of the building with LEDs and turn them back on.
In Warren, Big Blue Properties recently bought the Reeves Building on the West Market Street peninsula, which it plans to redevelop into upscale apartments.
It also owns an apartment complex in Cortland and 25-30 single-family homes.
“They like the area from an investment standpoint, they like that the area is coming back. From an investment position, they think that the cap rate percentages make an awful lot of sense for their portfolio,” Thomas said.
The Mahoning County auditor listed the sale price of the First National Bank building at $1.14 million.
In 2012, it sold for $200,000 and in 2007 for $1.1 million. So, the sale price of downtown’s tallest building has fluctuated considerably in the past 12 years.
Thomas says Big Blue Properties is already making plans to renovate both the First National Bank and Reeves buildings.
It’s looking to buy other properties as well, both in downtown Youngstown and downtown Warren.