Adelphia Operations Building Purchased By Mortgage Holder

From Potter County Today

opsbldgAmerican Metro Bank, a small institution in Chicago, is the new owner of the former Adelphia Operations Center in downtown Coudersport. American Metro was the lone bidder in a sheriff’s sale held at the Potter County Courthouse. The bank, which holds a mortgage on the property, agreed to pay roughly $470,000 for full ownership of the building and accompanying property, which is the amount owed in back real estate taxes and the costs incurred in advertising the property for sale. Coudersport Area School District, Coudersport Borough and Potter County will all receive back taxes, probably later this month.

Now it’s up to American Metro Bank to find a buyer. Real estate investor Bogdan Klek of suburban Chicago bought the building and grounds for $3.6 million in March 2008. He soon launched an internet-based auction with a minimum bid of $8 million, but did not find a buyer. The 72,000-square-foot brick, marble, granite and bronze structure cost Adelphia about $30 million to build. It was designed to accommodate 275 employees, as well as 260 vehicles on 80,000 square feet of parking space across four lots. The 2008 deal between the Adelphia estate and Klek closed after two online auctions, two defaulted buyers, and an embezzlement case victimizing a would-be buyer from Ireland. (Source: Endeavor News.)

Potter County Today is a timely information site courtesy of the Potter County Commissioners. Reprinted with Permission.


Save pagePDF pageEmail pagePrint page

3 Comments

  1. P. Jessup says:

    This just proves the point. If everyone wasn’t so greedy the building may have sold sooner and been put to use by now. $8 million dollars is way to high of a price. It doesn’t matter that Adelphia was ignorant enough to spend $30 million to build it…….a building in Coudersport is not worth that kind of money.

  2. Nosebleed Seats says:

    Thank you to CoudyNews.com for reporting on this. This happened on April 1 and there has been nothing in the Enterprise, or Solomons’ or other news media so thank you for printing this very important news.

  3. admin says:

    You’re welcome, but I must give credit where it is due. We were aware of the sale, and I actually spent quite some time researching it, to no avail.

    The information in this article is courtesy of the Potter County Commissioners website, which garnered the information from the Endeavor News.

Leave a Comment