Flats at Wick apartments near YSU set for sheriff's auction Tuesday
YOUNGSTOWN - The Flats at Wick, a privately-owned apartment complex catering to students at Youngstown State University, is headed for sheriff's sale on Tuesday after three years in foreclosure.
The building is first on the list of properties that will be auctioned off at 1:30 p.m. on Tuesday, August 16, and is appraised at $5.7 million, with a starting bid listed at $3.8 million.
The auction will be held in the Mahoning County Commissioner's Hearing Room in the basement of the county courthouse.
If no one bids on the property, it will be offered again at a second sale and sold to the highest bidder without regard for a minimum bid.
The property, which NYO Property Group owns, first went into foreclosure in 2019. According to that filing, the borrower, Dominic Marchionda, received a loan to purchase the building for $5,550,000 but defaulted in 2018.
After receiving an extension until April of 2019, the loan had still not been paid in full, according to the foreclosure filing.
Shamar Brooks, leasing manager at Flats at Wick, told 21 News he does not expect the sale to impact tenants, saying it's his understanding that whoever buys the building will likely honor all of the existing leases.
Brooks said he doesn't have that in writing anywhere but said that is the standard practice in real estate.
Brooks said a senior director at the facility would look further into the matter and provide more information.
Marchionda, who owns several downtown properties, pleaded guilty in 2020 to four felony counts of tampering with records for his role in a public corruption case that funneled city money to his development projects. As a condition of his plea agreement, in that case, Marchionda agreed to remove himself from management roles at several of his companies, including Rubino Construction, Inc., Wick Properties, Erie Terminal Place, and the NYO Property Group.