Lorain/Elyria, OH
Downtown Elyria properties up for sheriff’s sale on Wed.
ELYRIA — A sheriff’s sale is set Wednesday for two parking lots and a downtown building owned by JGT Enterprises Inc., and more auctions are on the horizon for the company led by Jay G. Tokar, the man once referred to as the king of Elyria’s downtown.
Occupants of buildings involved in the sales said the change is somewhat disquieting.
“We’re in limbo — we’re playing it by ear,” said Tamela Grubb of Main Street Elyria. “We’re hoping that whoever gets it, we’re able to stay and we don’t have to move.”
The three properties — the Main Street Elyria building and parking lots on Broad Street and Depot Street — will be sold together.
They are appraised at $348,000 and a minimum bid of $232,000 is required for their sale, according to the Lorain County Sheriff’s Office, which handles foreclosure sales.
Two other properties owned by Tokar were listed Friday under the legal notices for foreclosures: the JGT Annex at 374 Broad St. and 140 and 146 Middle Ave.
Some additional sheriff’s sales are in the works for Tokar-owned properties, according to Mary Ochenas, manager of the sheriff’s civil office.
Attorney David Myers, who heads Hickman & Louder law office at 374 Broad St., said he did not see the foreclosures as a blow for downtown Elyria. The buildings are fully occupied and likely will sell if the price is right, he said.
But, “it’s always unsettling when there’s a prospective ownership change,” Myers said.
Tokar, of Avon, did not return phone calls to Tokar & Co. or to JGT Enterprises, which operates at 124 Middle Ave.
On Feb. 28, 2007, Tokar filed for bankruptcy in U.S. District Court in Cleveland, saying he was $7.34 million in debt. The foreclosure actions started being filed against him later that year.
Mayor Bill Grace said he has not spoken recently to Tokar, but he said he expects him to recover.
“There are national influences in play with the mortgage crisis and financial markets,” Grace said. “Developers like Mr. Tokar go through these cycles at times — he’s a successful businessperson, and I expect him to rebound. Donald Trump had bankruptcies and reorganized and is as successful as ever, so the same may be true of Mr. Tokar.”
When things were going well, Tokar was investing in downtown Elyria at a rapid pace, and he ended up owning large swaths of property. One of his most notable investments was the Lorain National Bank Tower, which he turned into office condominiums.
Contact Cindy Leise at 329-7245 or cleise@chroniclet.com.
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So is the parking on the north side of Depot street open to the public AGAIN???? I never have been able to figure out how he managed to take over prime public parking on TWO streets for his business.
You might not be talking to him now Mayor Grace, but I bet when he was spending money you had more lunches with him than we could count.
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Well Maybe, and this is just my opinion after reading the Chronicle story, after Mayor Grace gets done with chasing the new business owner out of town he can move the Main Street down to the building on the corner of E. Broad and Cedar. After reading this story today one could read between the lines, so I hope and this is just a thought of mine I am not saying he is, but I hope the Mayor doesn’t get the idea to buy the buildings at the Sheriff sale.
If you drive around the City of Elyria you will see there are plentiful empty building to rent and move the Main Street office in. So I hope my gut feeling isn’t right. Folks I have no vendetta against this Mayor, I am just one of many in this City that have seen the light that Mayor Grace and his administration have wasted our tax money on little pet projects or to cover up mistakes made. If the Democratic Party looses their grip in this town it’s because of William Grace.
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You read my mind KenB …The city will buy the building and lots for lunch and bail out the King, then for desert we sell it back. Good thinking Mr. Grace.
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hmmmmm
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KenB/Dirtdigger/Ms.Jines or whoever. Please stop with the rumors. The city is not buying any property. Your stagnant garbage is getting old, here and on LC.com, where it seems your stagnant posts continue to get removed. Hopefully that site will ban you like they did Sito.
Then you can rant on ELYRIABLOCKWATCH.TABLOID all you want.
That site is a disgrace. And peopel all over are laughing at it.
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Spidey AKA Chris Sito—-Please refrain from using my name on sites where it does NOT belong….you are walking a fine line here with slander…I never commented on any of this anywhere on the internet or on EBW. You are a pathetic human being. I am beginning to feel sorry for you because of your obvious lack of self esteem and your continuous need to lash out at people with your various identities. You truly have a problem and need help. I am not going to ask you again to keep my name out of things I don’t belong in. This is not an appropriate site to slander people you know nothing about and I really hope the Chronicel bans you from this sire as well as all the others you are banned from.
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Ms. Jones…Slander? Witha screen name? How funny.
Also you may want to check the slander laws, as referring to me as “aka Chris Sito” is slander, I have REPEATEDLY told you I am not Chris Sito. So I ask you to STOP with the references here and on LC.com as well as the tabloid blockwatch. This is the last time, YOUR walking the thin line here. And because you are walking that fine line I hope the CT bans you. You must be a very bored person based on your posts all over the net where try to pin everything on Chris Sito. GROW UP.
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As a note for the two arguing slander is verbal… libel is written.
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Thumper, greta point. I appreciate the clarification. Although I doubt “spidey” or “Ms.Jones” would not hold up since they are screen names ina virtual world. Last I checked, “spidey” nor “ms jones” appear any where but in internet space.
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Oh I know but it’s a great joke:
1st person - “What’s difference between slander and libe?l”
2nd person - “Good god you’re an idiot!! Now if I wrote that it’d be libel.”
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