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Al Boscov Still Interested in Mall at Steamtown

After months of uncertainty, the Mall at Steamtown was sold at auction Tuesday morning in Scranton.
After months of uncertainty, the Mall at Steamtown in downtown Scranton was sold at auction Tuesday morning.

The mall's mortgage holder bought the mall for more than $37 million but now the big question that remains is what will the mall's future be?

Now that the mortgage holder owns the property, retail giant Al Boscov says that opens the door for private negotiations and Boscov remains interested.

Boscov watched as the execution creditor bid $37,265,000 on the mall property, which consists of taxes and costs.

Boscov himself did not make a bid.

"LNR was trying to see what was out there and what was out there wasn't very favorable," Al Boscov, Chief Executive of Boscov's Department Stores said.

Boscov says he still has interest in buying the mall if the price is right.

Boscov confirms he has been trying to negotiate a deal.

"Our idea is we want to save the mall. We're going to try very, very hard to save the mall. Boscov's will not leave no matter what happens," Boscov said.

Boscov would not say how much he is willing to spend.

"It's in negotiations now so you never talk about where you would like to go," Boscov said.

Before the sheriff's sale was complete, there was another offer for the mall property on behalf of businessman Bob Bolus, which was contingent on him getting a casino license. Bolus wants to turn the property into a casino and resort. The bid was rejected.

"Bob is just sort of the front man here. The investors we have would certainly qualify for any type of casino resort license," Steve Urbanski, who represented Bolus at the sale, said.

After Tuesday's sale, Al Boscov says he is still hopeful for the future.

"I think if we can get it at the right price we'll be able to fill it, we can make everyone proud of it again, get the right kind of tenants," Boscov said.

The mall went into foreclosure back in March after its owners defaulted no a mortgage payment.

Despite Tuesday's sale, the mall and all of its stores remain open for business.
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