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The property on the corner of Pennsylvania Ave. West and Market St. was sold at auction Saturday morning, possibly paving the way for its demolition.

Jets Properties, LLC of Warren purchased it for $27,500. The company already owns the property next door.

Auctioneer Chuck Ludwig of Ludwig Auction from Falconer, N.Y., said the building was built around 1900 as the Lyric Hotel.

"It has a laundromat and restaurant next door," he said. "Originally, there were 12 apartment units on the second and third floors which have been gutted."

Ludwig said the roof was not in too bad of shape.

"It's not flat," he said. "It does have drainage."

The building is heated by a boiler in the basement, Ludwig said.

"It has a three or four-inch water line," he said. "There's a central air conditioning unit on the roof. It has flexible ductwork."

Ludwig said the building has two stories for part of the way and three stories towards the corner.

"It's prime location," he said. "Somebody could clean it up and open a restaurant in a couple of weeks."

The restaurant has a fire exhaust system, Ludwig said.

"There's a refrigerator unit and a refrigerated sandwich bar," he said. "It has a stove, fryer and work tables."

Ludwig said the idea was to sell the property with the equipment.

"There are four or five insulated windows and a cement board upstairs," he said. "There's a full basement with a concrete floor, an office and supply shelves."

The property has a true market value of $119,000 with annual taxes of $6,400, Ludwig said.

"There are no liens or encumbrances," he said.

The parking lot behind the property belongs to the building next door, Ludwig said.

Ludwig said the owner before the auction was Dorothy A. Klakamp and previous owners were Jay and Janice Rowan.

"I'm flexible and open for ideas to try and get this sold today," he said. "I've shown it to several people."

Ludwig said while he would like to cash out, it was not necessary for him to do so.

"I don't have to sell today," he said. "I'd come in and gut it if it's not sold today."

Ludwig said he kind of knew he would end up negotiating about the property.

"The high bidder is not interested in the equipment," he said. "He's receptive to a personal property auction to gut the place."

Ludwig said the property would probably become parking space.