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Greystone Picks Up Two White Elephants for a Song

SCRANTON, PA-In separate transactions, the King of Prussia, PA-based developer pays $5.5 million for a 336,700-sf former Corning plant in Benton Park and less than $1 million for the 168,000-sf Connell Building. Both need work. Renovating Connell will take up to $12 million.

By Marita Thomas | Updated on September 04, 2003

SCRANTON, PA-With two separate acquisitions, King of Prussia, PA-based Greystone Capital Partners becomes a major player here. It acquires the 336,700-sf former Corning Photonics Plant on 110 acres in Benton Park for “in the area of $5.5 million,” John Wolfington, Greystone’s owner, tells GlobeSt.com. The plant, much of which was built in 1900, is vacant.

This follows Greystone’s purchase of Scranton’s largest downtown office building from the Scranton school board. It paid $200,000, plus $679,000 in back taxes for the 168,000-sf Connell Building. Nearly vacant, it contains a mix of retail, residential and office space.

Of Scranton, Wolfington says, “I like the area.” The Connell Building is located one block from the new Scranton Hilton & Conference Center. Greystone will vacate the Connell to make way for total renovation that Wolfington estimates will cost between $10 million and $12 million. On completion, it will continue to contain a mix of retail, residential and office space.

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