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Would-be buyer of former St. Petersburg YMCA sues owner

ST. PETERSBURG — The saga of the historic YMCA at 116 Fifth St. S continues. Tom Nestor, who has a purchase agreement to buy the 88-year-old building for $1.4 million, is suing the owner, V P C 3 II.

Nestor, the local music producer who has raised donations to make several payments on the building, alleges that the owner is violating the purchase contract. The owner returned a payment of $18,000 to Nestor, saying it was late and that he was in default on the contract. The owner, who is represented by Phil Powell, said a separate contract had been entered into with a third party who wanted to buy the property.

Powell declined to comment on the lawsuit or potential other buyer.

Nestor's attorney, Russell Cheatham, cited the contract's grace period of 20 days for accepting payments and said the March payment was paid well within the grace period.

Nestor said he will have the $1.2 million due in July to complete the purchase of the building.

Would-be buyer of former St. Petersburg YMCA sues owner 04/22/14 [Last modified: Tuesday, April 22, 2014 2:49pm]
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