Mall At Steamtown Auction Postponed To Allow Bidders More Time

An auction for the foreclosed and still struggling Mall at Steamtown was postponed three weeks to give potential bidders more time to prepare bids, an agent involved in the upcoming online auction said.

The failure of retired department store chain owner Al Boscov’s past partnership to pay off the loan that led to the foreclosure does not disqualify him from bidding or being part of a bid, said Lynn DeMarco, contact agent for the Shopping Center Group LLC of New York City, which is facilitating the auction along with auction.com.

“This is an open auction, so anybody can bid,” Ms. DeMarco said Tuesday.

The auction, originally scheduled for Monday through today, was postponed to June 22 to 24. Bidding requires proof that bidders are viable and can come up with the money to fulfill their bids. Bidders will submit bids through the auction.com website in a fashion similar to an eBay auction. Bidders can see the highest bid as the auction unfolds. When the deadline for bids passes, the high bidder gets the mall, assuming the bidder has the money, Ms. DeMarco said.

Read more:

http://thetimes-tribune.com/news/mall-at-steamtown-auction-postponed-to-allow-bidders-more-time-1.1892390

Boscov: Mall At Steamtown Changes Must Get My Approval

Repurposing the troubled Mall at Steamtown as a Reading Terminal-style market, a casino or a skating rink will remain a dream.

That is because the mall’s lease agreement with Boscov’s Department Store allows the anchor tenant to veto significant changes like that, said department store chairman Al Boscov in an interview at The Times-Tribune, a Times-Shamrock newspaper, on Monday.

Boscov’s Department Store will likely be among bidders in the June 1 – 3 auction of the Mall at Steamtown and the goal will be to buy the mall and keep the mall all — or predominantly — retail, he said.

Boscov wants to keep people with ideas of re-purposing the mall, some of whom he called “cranks,” away from the auction scheduled by LNR Partners, the mall’s caretaker since it was taken over by lenders following foreclosure.

Read more:

http://citizensvoice.com/news/boscov-mall-at-steamtown-changes-must-get-my-approval-1.1883885

Boscov: Mall Price At Sheriff’s Sale Probably Too High

Map of Pennsylvania highlighting Lackawanna County

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

Department store owner Al Boscov is unlikely to bid when the Mall at Steamtown goes on the block at a sheriff’s sale next week, saying he anticipates the asking price will be too high.

The businessman has been unable to strike a deal with LNR Partners, the real estate company representing the mortgage holder, to acquire the mall but hopes to renew negotiations if the lender finds no takers for the property at the sale Tuesday, he and his lawyer said.

“At that point, it would be just as if we were buying a property in a private sales transaction,” said attorney Scott M. Esterbrook. “The (sheriff’s) sale is not the be-all, end-all. It’s one step in the process, and where we’re at today is we just haven’t reached an agreement yet.”

The mall entered foreclosure March 7 after owner Steamtown Mall Partners defaulted on a principal balance payment of $37.1 million due last July on its 2003 mortgage, setting up the sheriff’s sale. Mr. Boscov is a principal in Steamtown Mall Partners.

Read more: http://thetimes-tribune.com/news/boscov-mall-price-at-sheriff-s-sale-probably-too-high-1.1718214