Youngstown, Ohio – In a bid of $5.1 million, The Flats at Wick Apartments were purchased by foreclosure plaintiff US Bank.
Gina Weaver, who bid on behalf of the financial institution, outpaced three other bidders in Mahoning County Courthouse to keep an apartment near the campus of Youngstown State University at 139 Madison Street. . Weaver declined to comment on the future of her estate.
Property manager Jamar Brooks and leasing consultant Marianna Rivvo said Tuesday afternoon that business is operating as normal, despite a change in management of the property in March.
Only a few units are currently open, Rivvo said, and are operating from a waiting list as the start of YSU’s fall semester approaches.
Nathan Bibb of Poland’s hometown Fixer Upper, one of three bidders for Weaver, believes it’s a worthwhile investment, but would require about $500,000 in refurbishment to add value. said he thought it would.
Bibb didn’t rule out the possibility of someone making a deal with the bank to purchase an investment property in the near future.
The property was owned by NYO Property Group, which developed a residential complex in 2012 as an off-campus housing option for YSU students. However, the four-story, 49-unit property is not strictly rented to students.
NYO Property Group principal owners Dominic Marchionda and The Flats at Wick have defaulted on a $5.5 million bond provided by Morgan Stanley Bank of America, which initiated a foreclosure action in 2019.
The plaintiff in the Mahoning County Common Court of Appeals filing was the US Bank National Association, acting as trustee for Morgan Stanley Bank of America in this matter.
Marchionda has agreed to resign from his management position at NYO Properties and pleaded guilty to four counts of falsification of records as part of a plea bargain in a 2020 criminal case.
The bid price for this property started at $3.8 million and rose rapidly by $100,000.
The Flats was the first of 12 properties on Tuesday’s auction block, and a large number of onlookers left after the sale.
Copyright 2022 The Business Journal, Youngstown, Ohio.