Former Adelphia Operations Building goes to Highest Bidder Feb. 3

Endeavor News

Almost three years after a Chicago area investor bought the lavish Adelphia Operations Building in downtown Coudersport and then neglected it, the property is heading for the auction block through a sheriff’s sale on Feb. 3.

The latest action does not bode well for the owner, Bogdan Klek of Lincolnshire, Ill.

A Corning, N.Y., broker has been trying unsuccessfully since last March to sell the property on behalf of the bank that holds the first mortgage.

An asking price of $6 million was quoted by Pyramid Brokerage Company for a property Pyramid was touting as “the former Adelphia trophy facility.”

Klek, a highly leveraged real estate speculator, bought the building and grounds for $3.6 million in March 2008 and soon was trying to turn a profit. He launched an internet-based auction with a minimum bid of $8 million dollars.

Klek had initially tried to find tenants to lease space in the palatial structure, which cost an estimated $30 million to construct in 2000-01. His purchase included the 72,000- square-foot brick, marble, granite and bronze building, designed to accommodate 275 employees, as well as about 80,000 sq. ft. of asphalt parking for 260 vehicles across four lots.

The owner, a Polish immigrant, has barely set foot in Potter County since acquiring the property and maintenance has been erratic, at best. Coudersport Borough was forced to shut off water and sewage service for a time, due to non-payment. Electrical service was also disconnected.

The 2008 deal between the Adelphia estate and Bogdan Klek closed after two online auctions, two defaulted buyers, and an embezzlement case victimizing a would-be buyer from Ireland.

Developments with the property are being closely watched by the Coudersport Area School Board, Coudersport Borough and the Potter County Board of Commissioners. Failure to meet all of the requirements for Keystone Opportunity Improvement Zone tax breaks would result in the property being placed on the tax rolls and payments being due to all three taxing bodies.

Read this story and many more in this week’s edition of the Endeavor News. Available at dozens of local retailers.

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