SCRANTON — Developer Don Mammano now owns the PNC Bank building on Penn Avenue and three related parcels.

A firm of Mammano’s, Scranton-based DFM Holdings LLC, purchased the bank property at 201 Penn Ave. and parcels at 206-208 Penn Ave., 303 Biden St. and 307-315 Biden St. from ARC PNSCRPA001 LLC for $4.975 million, according to a deed recorded in Lackawanna County.

“It’s about 2.5 acres of land and there is more than 120,000 square feet in the basement,” Mammano said.

Mammano noted that PNC Bank operates and rents the entire building at 201 Penn Ave.

“PNC Bank has a long-term lease with the building,” he said. “I just thought it was a good building and a good asset. I really want to be a part of keeping PNC Bank headquartered in downtown Scranton because I know they’re a big partner with area businesses, nonprofits and different organizations. My intention is to be the best landlord I can be for PNC so they can maintain their presence, centrally located, in downtown Scranton and keep all their employees there. They’re a big employer and it’s a great location for them with the drive-thru lane and on-site parking.”

PNC Bank sold the real estate and did a leaseback — the sale of a property with the understanding that the seller can lease it from the new owner —  with ARC PNSCRPA001 LLC. Mammano has assumed the lease agreement.

Among his other developments in the city, Mammano said all the apartments are completed for the 1100 Penn project along Penn Avenue and Poplar Street.

After initially envisioning 56 apartments for the building at 1100 Penn Ave., he decided to build 20 more on the first floor.

“We have really good occupancy already in that building,” he said. “We have a few units left, but it really worked out very well as far as the construction and the demand for the apartments. They really came absolutely beautiful; we’re just wrapping up some loose ends.”

Additionally, Mammano received interest from potential tenants looking to use commercial space in the 10-story Peoples Security Bank building, 150 N. Washington Ave. He purchased the building and five small neighboring surface parking lots for $3.75 million in January.

“I was weighing out my options between residential and commercial,” Mammano said. “I have some interested parties for commercial space in that building, so I’m going to give it six months to a year of marketing it for commercial office space. The beauty and character of that iconic building on Courthouse Square and the 80 on-site parking spaces will really help me attract the tenants I’m talking to right now.”