Old downtown bank, nightclub building to be auctioned in foreclosure

The former restaurant and nightclub space at 1005 E. Main St. is currently vacant.

A downtown bank building-turned-nightclub is back on the auction block for the second time in six years.

The 110-year-old, 12,100-square-foot building at 1005 E. Main St. is scheduled to be auctioned today in a foreclosure sale.

The auction will take place at noon onsite.

A recent interior shot of the building. (Courtesy of Walker Commercial Services)

The now-vacant property has been home in recent years to a variety of hospitality concepts, including nightclubs Palazzio’s and Vanquish.

The foreclosure is a result of a default on a note by the property’s owners, Daryoush Hooshyar and Rajenda Aggarwal out of West Virginia. Truist Bank is the lender.

Hooshyar and Aggarwal bought the building in 2015 for $1.02 million through a bankruptcy court-ordered sale from then-owner and local restaurateur Mo Roman.

Truist in January appointed Roanoke attorneys Bryson Hunter, Peter Pearl and Risa Katz-Albert of law firm Spilman Thomas & Battle to begin foreclosure proceedings, per court documents.

Roanoke-based Walker Commercial Services is handling the auction. Bids can be made in person and also online.

Per an auction flier, the building is listed on both the Virginia and National Register of Historic Places and is eligible for tax credits. The property was most recently assessed by the city at $1.01 million.

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Michael Dodson
Michael Dodson
1 month ago

Did I miss the date of the auction in my reading? I see the auction is at noon onsite.