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Published: Thursday, 2/14/2013

Auction for Toledo's Nicholas Building pushed back 2 months

BLADE STAFF

The auction for Toledo’s Nicholas Building has been pushed back about two months. 

The 17-story downtown building was to be sold this morning at a Lucas County 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 building, located at at 608 Madison Ave., was to be sold with a minimum bid equal to the amount of back taxes owed on the property. That was to be $499,762, but with the revision the starting bid will be lower.

Officials said the building is now tentatively scheduled to be auctioned on 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 previous owner Koray Ergur and his company, the Ergur Group, a California private equity firm.



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