Adelphia Operations Building Purchased By Mortgage Holder

American 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.)