Mortgage Holder Bids on Mall At Steamtown in Scranton

Published 07/15 2014 11:52AM

Updated 07/15 2014 01:02PM

There were no surprises Tuesday morning as the Mall at Steamtown went up for auction at the Lackawanna County Courthouse in Scranton.

The last few months have been a troubling stretch for the shopping destination.

After one of the mall's anchor tenants left, the mall's owners defaulted on a multi-million mortgage payment.

That led to the mall going up for auction.

The upset sale price was $37,265,000.00

In the end, the mortgage holder bid that amount and walked away from the deal paying just taxes/costs.

Al Boscov from the Boscov Department Store Chain was at the sale and said afterwards that he is still very much interested in the property.

Boscov did not enter a bid during the sale.

Boscov says he still has interest in the amll and he says he's been negotiating with people representing the mall's owners and that will continue.

"I think we'll go back to LNR and continue negotiating. Our idea is we want to save the mall, we're going to try very, very hard to save the mall," Al Boscov said.

Boscov says he is committed to the mall and its future.

While its future is still uncertain, Boscov says there have been conversations with Lackawanna County commissioners about possibly moving some county offices into the mall.

"There have been some brief conversations but I don't know if that is their serious intent either and really without ownership there's nothing we can agree to," Boscov said.

Besides the mortgage holder, there was one other bid Tuesday.

It was on behalf of businessman Bob Bolus who wants to turn the mall into a casino and resort. That bid was ruled invalid.

As of now, nothing is changing at the mall. It remains open for business.

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