Positive changes in downtown Scranton prompted a group of local investors this week to purchase the SNB Plaza at Lackawanna and Washington avenues.
The group led by Taylor contractor Carl Scartelli purchased the 49,000-square-foot building for $1.1 million.
Mr. Scartelli said development downtown and the pending reconstruction and streetscaping of Lackawanna Avenue made the building a good investment.
“There is a lot of development happening downtown, and the mood is positive,” Mr. Scartelli said.
Mr. Scartelli said minor improvements would be made to the building. Over time, he said new leases will likely include a rent increase.
The building had been owned by a large national real estate company, Security National Atlantic LLC, based in Eureka, Calif., and had been on and off the market for several years. John Cognetti, of Hinerfeld Commercial Real Estate, who represented the buyers, said Security National sold the building because it was outside its core service area.
The building is about 80 percent occupied, near average for older downtown buildings. The ground floor is occupied by First Liberty Bank & Trust and Gallucci Music. Upper floors are mostly professional offices.
The top floors offer spectacular views of the city.
The building is one of the tallest in Scranton. It was built in 1917 and was long the home of Scranton National Bank. The building went through several owners and was deeded to PNC Bank in lieu of foreclosure in 2002. Then Security National purchased it.
Other investors involved in the purchase of SNB Plaza include other members of the Scartelli family, Dunmore attorney Mark Conway and industrialist Robert Harrington.
-Courtesy of The Times-Tribune
