PITTSBURGH — To anyone who believes downtown Pittsburgh is deep in a hopeless slump, the recent sale of a modest, seemingly empty commercial building at 439 Wood St., offers a flashing red asterisk indicating otherwise.
According to county real estate records, Oren and Eitan Solomon sold the four-story commercial building totaling 10,000 square feet for $2.76 million in March. It’s a sales price that records indicate contrasts with an Allegheny County assessed value less than one fifth of that, at $509,600. Records indicate that Oren Solomon originally bought the building in 2005 for $350,000.
Beyond the county assessed value, which can lag the current market, many close real estate observers say the sales price is also far above current market value, particularly for a downtown in a well-documented low ebb.
Who is the buyer? Read more from our partners at the Pittsburgh Business Times.
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