Three buildings downtown sold

Staff report


A settlement between former partners means new ownership for three downtown buildings.

Lou Frangos announced Wednesday that his companies Frangos Group and USA Parking Systems Inc. split with Wick Ohio One LLC, and that Wick Ohio has purchased the First National Tower, 1 Central Federal St.; the Harshman Building, 101 E. Boardman St., and the former St. Vincent DePaul building at 235 Wick Ave.

The purchase price is undisclosed.

Wick Ohio One, owned by Pan Brothers Associates of New York City, accepted a settlement understanding with Frangos in June when Frangos sold a 50 percent interest in the Realty Tower Apartments building and the Stambaugh Building, along with an adjacent parking lot and deck.

The deal between Frangos and Wick appeared to fizzle in October when both parties blamed the other for the agreement collapsing. Frangos had given Wick until the end of September to buy the three buildings and said last month “the time has come and gone” for Wick to purchase the buildings.

But on Wednesday, Frangos issued the news release and wished Wick well in efforts to develop downtown. Frangos said he will continue to concentrate on the Plaza Garage, the new home of Eastern Gateway Community College; and the Chase Building, the two major Youngstown properties that the group owns, along with a small building and parking lot at 213 W. Boardman St.

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