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YOUNGSTOWN The downtown Chase Tower building sold for $1.15 million at auction and once the sale is final, it will signal the end of Lou Frangos as a Youngstown property owner.
USA Chase Building LLC, a sister company of the Frangos Group, owns the 14-story, 128,741-square-foot Chase Tower at 6 W. Federal St.
Frangos, chairman of the Frangos Group, said his company decided to auction off the building.
Only 26 percent of the building is occupied, and Chase Bank is moving next month to Realty Tower Apartments.
The auction began Monday and ended Wednesday with a $500,000 minimum bid required.
Frangos’ company had an unpublished reserve threshold. If the sale price was below a certain amount, it didn’t have to sell.