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Published: 2/16/2013

Tax value revision would lower minimum bid, delays Nicholas Building sale by 3 months

BY TYREL LINKHORN
BLADE BUSINESS WRITER
The Nicholas Building was to be sold Thursday at a sheriff’s auction, but officials at the sale said the Ohio Board of Tax Appeal ruled in favor of a request to lower the value and with it the delinquent taxes owed. The Nicholas Building was to be sold Thursday at a sheriff’s auction, but officials at the sale said the Ohio Board of Tax Appeal ruled in favor of a request to lower the value and with it the delinquent taxes owed.
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The Nicholas Building downtown will have to wait a little bit longer for a new owner.

The auction for the 17-story building at 608 Madison Ave. has been pushed back about three months.

The building was to be sold Thursday at a sheriff’s auction, but officials at the sale said the Ohio Board of Tax Appeal ruled in favor of a request to lower the value and with it the delinquent taxes owed.

The minimum bid was to be equal to the back taxes owed on the property.

That was to be $499,762, but with the revision the minimum bid will be lower.

Officials said the building is now tentatively scheduled to be auctioned May 9, the same day as the neighboring Spitzer Building.

Spitzer Building Co. holds the note on both historic buildings after winning a foreclosure action and reclaiming both properties from Koray Ergur and his company, the Ergur Group, a California private equity firm.

Mr. Ergur, who had been representing himself in the proceedings, filed a motion through an attorney last week to delay the sale, arguing nothing should be done until his appeal is resolved.

The Lucas County Treasurer’s Office responded by objecting to a delay. Court documents don’t show a final ruling on the request.

Attorney Scott Ciolek, who represents Spitzer Building Co., said the revised amount of back taxes owed is not substantially different.

He said there remains solid interest in the building.

The Nicholas Building has been vacant for three years. But Patrice Spitzer, the receiver in the case and head of Spitzer Building Co., told The Blade last week that the building is in “surprisingly terrific shape.”

“It’s been dark for so long, and it’s just a terrific building," Ms. Spitzer said. "I really look forward to somebody owning it who can take care of it, get it cleaned up, and get it opened."

Contact Tyrel Linkhorn at: tlinkhorn@theblade.com or 419-724-6134.



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