Goshen Plaza is Sold to North American Properties

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GOSHEN, NY (Chronicle Newspaper) — The troubled Goshen Plaza turned a corner on Wednesday, when Philip Adler's $7.5 million bid won at a bankruptcy auction held in front of the mall. Adler is chief executive officer of North American Properties, based in Westchester County.  The owner of the property is Realty Equities Goshen LLC, which is in bankruptcy over a $7.9 million mortgage owed on the property, Novick said. The auction was held at the vacant storefront previously occupied by Style Connection Hair Salon, one of a half-dozen empty storefronts at the plaza. Goshen Plaza Partners purchased the mortgage debt from TD Bank for an undisclosed amount. The sale of the property will still need to be approved at a bankruptcy court hearing, to be held in federal court on April 30.

Adler's bid was accompanied by a $375,000 buyer's premium to pay the auction company. According to a marketing proposal provided by AuctionAdvisors, the buyer's premium would not be paid to the auction company if the lender won the auction. The plaza has also frustrated residents since the Grand Union, which once anchored the plaza, closed more than 10 years ago, leaving Goshen without a supermarket.

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AuctionAdvisors, based in the New York metropolitan area, is a full-service auction company.  With strategically located offices around the country, AuctionAdvisors services clients in the disposition of assets.  Please contact AuctionAdvisors at 800.862.4348 or visit www.auctionadvisors.com for more information and a complete list of auctions.