Ever dreamed of owning a mall? While here’s your chance… assuming you have about $44 million on hand.
A northeastern Pennsylvania shopping mall goes on the auction block in June.
The (Scranton) Times-Tribune reports that the Steamtown Mall will head to a sheriff's sale on June 10. A list released Monday by the Lackawanna County sheriff's office indicates that the asking price will be $43.7 million.
Al Boscov, chairman and chief executive of Boscov's department store, the mall's sole anchor tenant after Bon-Ton closed in January, has said he is interested in bidding. Attorney Scott Esterbrook said Boscov is still trying to put together financing for the acquisition.
“Albert is still working on a lot of details relating to the foreclosure sale,” Esterbrook told the paper. “He is trying to raise the capital to pull it off.”
The mall defaulted on a mortgage payment last summer and entered foreclosure March 7. Boscov said at the time that mall occupancy was about 65 percent, but the complex has lost three tenants since then.