Fairgrounds Square Mall Sells At Auction For $13.6 Million

Editor’s note:  Hopefully somebody can turn Fairgrounds Square around.  It needs some TLC.

The Bank of New York Mellon Trust Co. today bought the

Map of Pennsylvania highlighting Berks County

Map of Pennsylvania highlighting Berks County (Photo credit: Wikipedia)

Fairgrounds Square Mall for $13.6 million, pending judicial approval.

The mall is expected to remain open and continue to operate.

An attorney for the trustee was the only bidder at the sale, performed by the U.S. Marshal Service in Philadelphia, said Patrick Ennis, supervisory criminal investigator civil unit for the marshals.

The mall was scheduled for marshal sale after GP-Fairgrounds Square LP, the mall owner, failed to meet its financial obligations.

Read more: http://readingeagle.com/Article.aspx?id=457395

Local Leaders See City Of Reading Market Analysis

The greater Reading market value analysis that’s intended to guide the city’s housing and economic development efforts got some suburban buy-in Thursday at an Albright College forum.

More than three dozen community leaders, a third of them from municipalities surrounding Reading, got a first look at the study compiled by The Reinvestment Fund, Philadelphia.  Several said it could be a useful tool for the boroughs and townships as well.

“My biggest fear is, if this study sits on a shelf, the entire effort is wasted,” said Todd Auman, chairman of the Reading Redevelopment Authority, which commissioned the work.

Essentially, the analysis compared home sale prices, vacancy rates, percentage of rental versus owner-occupied homes, foreclosure rates and housing voucher statistics – down to the census block level in every municipality from Sinking Spring to Saint Lawrence – and assigned each census block one of eight different market types.

Read more: http://readingeagle.com/article.aspx?id=426263