Pulling the Plug on Adelphia

Posted by: Chris Palmeri on September 21, 2007

adlephianight.jpg

Psst. Want to buy a corporate headquarters, barely used? Grubb & Ellis and auction house LFC have the listing on the former headquarters of Adelphia Communications. That’s the cable tv business whose founder, John Rigas, was convicted of looting the now bankrupt company in 2004. Rigas, 82, is presently serving 15 years in the federal pen, along with his son Timothy. LFC broker Jack Ukropina says the auction will close on Oct. 11. Bidders must put up a $50,000 deposit.
The building is in the rural Pennsylvania hamlet of Cloudersport. But it could be a steal. Bidding starts at $1 million. “If this were in Los Angeles it be worth $30 million,” says broker Ukropina. The four-story, 72,000 square foot building opened in 2003 but was barely occupied. It’s now owned by company creditors.
The exterior of the building is polished granite. The interior is finished out in brass, bronze, granite and cherry wood. “No expense spared…obviously,” says an ad taken about the brokers.

Reader Comments

Christina Platko

September 21, 2007 5:19 PM

I am a former Pennsylvania resident and grew up near Coudersport. I think it is a shame that the Adelphia founder and his son would jeopordize their business and the lives of their employees who depended on this company to make a living. I know several people who worked at the company who are struggling for work to survive in an area where jobs are hard to come by. I would love to hear that this building will be bought by someone with the intent to put all these struggling people back to work.

jaybird199

October 8, 2007 6:53 PM

I too grew up in Coudersport. It sickens me whenever I make the pilgrimage back and see how devestated this town now is. When I was a teenager, it was THRIVING, with the brightest future. It boggles my mind that the state of PA (as inept as it is) has not jumped on the amount of vacant, NEW buildings, as well as the highly developed communications infrastructure! And the town's remoteness is not an excuse. Adelphia boomed despite it's far proximity to a large urban center.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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