ADELPHIA BUILDING SELLS
Sale leaves everyone wondering 'now what'

This week's sale of the former Adelphia Operations Building was described as "the end of an era" by one Coudersport Borough official.

However, after the smoke had cleared, community leaders recognized they were no closer to an answer on the building's fate than they were some six years ago when Adelphia spiraled into bankruptcy.

The new owner is Klek Development Corp. of Lincolnshire, Ill., a firm which may have no intention of ultimately owning, much less occupying, the opulent office complex. Who is behind Klek's $3,528,000 million investment, let alone the company's plans for the property, are unknown.

"At this point, we feel as if we're no further ahead than we were when the Adelphia estate was auctioning off the building," said Potter County Commissioner Paul Heimel. "There's speculation that Klek is merely a 'flipper' that obtained the property at a favorable price and hopes to re-sell it at a profit - we just don't know."

Heimel said the commissioners hope to contact Klek Development and learn more about the company's intentions.

"Ideally, this is the first step toward re-occupying that prime building with good-paying jobs," he added. "But that remains to be seen."

Complicating the issue is the fact that the former Adelphia Operations Building is located in a state-approved Keystone Improvement Zone. That designation grants the owner certain tax advantages that could affect the amount of revenue derived by Coudersport Borough, Coudersport Area School District and Potter County itself.

"This feels like the end of an era," said Coudersport Borough Manager Marlin Moore when he heard about the sale through an online auction. "An awful lot of people from Adelphia are now gone."

The deal closed after two online auctions, two defaulted buyers, and an alleged embezzlement victimizing a wouldbe buyer from Ireland.

Klek's purchase price for the massive structure, built of brick, marble, granite and bronze, was a fraction of its estimated $30 million construction cost. Efforts to reach Bogdan Klek, a principal who lists himself as a real estate developer, were unsuccessful.

The 72,000-square-foot, four-story building was completed in 2002. It was designed to accommodate 275 employees. The property also includes about 80,000 sq. ft. of asphalt parking or 258 parking spaces across four different lots.

Adelphia Communications Corporation continues under the management of Quest Turnaround Advisors, LLC, its plan administrator, to liquidate its assets and administer its plan of reorganization.

Prior to the sale of substantially all of the consolidated assets to Time Warner and Comcast on July 31, 2006, Adelphia was the fifth largest cable television company in the country.