Release Date: Tuesday, May 3rd 2011

WTAE.com: Pittsburgh Skyscraper Sells For $1,700

Pittsburgh Skyscraper Sells For $1,700
Bank Buys Former Alcoa HQ In Pittsburgh For $1,700

PITTSBURGH -- The 31-story, aluminum skyscraper that once housed Alcoa's Pittsburgh headquarters has been sold for $1,706.

The Pittsburgh Tribune-Review reports First Commonwealth Bank held the mortgage and bought the building at an auction Monday for what it cost the Allegheny County Sheriff to post and advertise the building for sale.

The building is assessed at $10.1 million. It went up for sale after the Southwestern Pennsylvania Commission filed Chapter 11 in March and defaulted on a $10.4 million loan after some tenants began moving out of the 60-year-old building. The commission is a nonprofit that plans highway construction for 10 southwestern counties and still plans to lease space in the building.

The bank wants to sell the building to another landlord. Alcoa sold the building to the planning commission for $1 in 1998.

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