Mall at Steamtown Sold for $5.25 Million

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SCRANTON -- The Mall at Steamtown was sold Wednesday in an online auction.

At noon Wednesday, the highest bid on the Mall at Steamtown was just over $1.9 million.

In the hour after that, the numbers kept creeping up on the online auction site, and then around 1 p.m. the bidding closed and someone bought the mall for $5.25 million.

The last few minutes of the online auction were a bidding war between two or more bidders. We don't know who they were or who the victorious bidder was and we may not know for a few weeks. We do know that the owner of the mall's only remaining anchor store, Boscov's, did make a bid.

It doesn't look that exciting but it must have been for the two or more bidders as they fought to buy the Mall at Steamtown.

The online auction ended with a winning bid of $5.25 million. That could be considered a bargain, if you consider that the downtown Scranton mall cost about $90 million to build back in the early 1990s.

"Wow, that's a big loss. But it's better than nothing. If they can bring other business in there, then that's great," said Bess Fette.

The mall's sale is literally a new lease on life. The mall has been in foreclosure and almost half of its stores have left over the past several years.

"That might be the buy of the century. $5.2 (million)? Is that what you said? For a mall that cost $90 plus million to build? That's incredible," said Wayne Evans, a downtown realtor and city councilman.

Evans says Boscov's planned to bid on the mall, The identities of the winning bidder, though, is a mystery.

Whoever it is, Evans thinks they need to put a lot more money into the mall to renovate it.

"Well, I think downtown malls have been found to be failing, not just in Scranton but all over the country. so, that's why you have to reinvent it to be totally different. We're a little concerned that if Mr. Boscov gets the mall he's going to go down the same path. But, he's a smart businessman. He knows what he's doing, so we will find out if he's the guy."

According to auction.com, it could be weeks until we know who the bidders were.

People who shop at the Mall at Steamtown say they're just happy someone bid at all and the mall has another chance.

"Yeah, I'm surprised, in Scranton. But at least they bought it, and hopefully they bring in more businesses because everybody moved to Dickson City," said Scranton resident Santos Alvarez.

32 comments

  • Abraham Goldstein

    Scranton Scranton my beautiful town where still nice people live and let live! Mountains parks and great views,,,
    The Mall a very nice place to shop and to entertain your days be in the winter or the hot summer. So what is happening to Scranton and the mall? Nothing! just people that have develop a mentality and are very stubborn about it! Some people can repeat and repeat sad stories and be so cynical…..the eventually everyone gets trap into negativity. For Scranton to be successful we need to ignore the idiots that constantly destroy this city with their negativity, we need the city to wake up from the mind set of the depression era and get Scranton back to the wonderful place it deserves in the world of communities. The mall will be successful when people will stop and think that for shopping it makes no difference if I shop in The mall or 5 miles up the hill………..I see wonderful days ahead for Scranton because I here to fight for its reputation! :)

  • Joe Pesci

    For all you nay Sayers I really did buy the mall. Why would I like, I am not making such a big deal out of it because I am not the only person (Person’s) who bought the mall. Me and along with some other people decided to buy the Mall at Steamtown. I am not going to say who went in with me but lets just say it was not Mr. Boscov. I am coming to Scranton On July 3 to view the mall for myself since I only saw photos of it from my partner. I am not a “fake” like some people said in the comments I only announced it was me and a few partners because this is the first news page I got and I want to let the good people of Scranton to know who bought the Mall at Steamtown.

    • Reuben

      Proof of truth Joe, in what what movie adapted from a play did you make a cameo appearance? Quickly now…….

  • Wayne Hadley

    Wayne Hadley purchased it. He plans on converting the building into a factory to produce Official Scranton Apparel e.g Ray Lyman Tees and Tanks.

  • Derwin Husain O'Frackstone

    Ok i renigg why not turn it into a welfare daycare, with a wonderful power saver frakkwell right smack in the center !

    • Reuben

      Or maybe the first indoor junkyard/u-pull-it. History in the making people, history in the making….

  • they take with both hands

    Paul Sorvino bought it, and he is going to turn it into a movie making studio. But the county has to lend him half the cash, moolah, cha-ching. Ohhhhhhh, the county has no money, efffffff UUUU, PAY ME!!!!

  • frank rizzo

    I heard they are moving all the residents from Sherman Hills into the mall so they can lock all the animals up in one place. Sherman Hills will be leveled and turned into a Costco and Tim Hortons.

  • Joe Pesci

    I am bringing in some of my business partners and we are happy to announce that the Mall at Steamtown will stay opened. A family restaurant will be coming soon and also a Five Guys burger restaurant will be added to the food court. Yes it is really happening Scranton I am coming to Scranton,And for all you nay Sayers saying that I am fake we will see who is fake when I come visit Scranton next week. Welcome to a new era Scranton—— Pesci

  • Joe Pesci

    I bought the Mall at Steamtown and no Marv did not help me I am coming Scranton be ready———-Pesci

  • Franko

    Maybe it was the U of S – They buy anything !
    They bought something like 300 or 400 acres of land up in Elmhurst many years ago and never did anything with it, but they still own it, tax free, of course…
    It would be funny if they actually did buy it — I always said that one day in the future, there will be a sign coming into Scranton that says “Welcome To The City of The University Of Scranton”

    • BrianGriffin

      I wouldn’t be surprised if they did buy it, they already own half the city. I’ve always said that monstrosity of “higher” education should pay taxes on every building it owns. Scranton would be gushing money if they did.

    • NotaCityDweller

      Actually, the University of Scranton pays taxes on any piece of property that it owns that is not used as part of the University’s mission. Do you know where that parcel of land in Elmhurst is?

  • Derwin Husain O'Frackstone

    It will be a drive thru Hospital, why you ask?
    Because i care thats why.
    Womb to the tomb,
    Sign or go to jail.
    (do not pass go)

    • Derwin Husain O'Frackstone

      This state has become joke, what’s that 5% of original value?
      Well then what does that tell you?

  • BrianGriffin

    I don’t know why people think the mall being bought by some unknown entity is a good thing. For all anyone knows they might just plan on ripping it down and turning it into another unnecessary hotel/parking lot/car dealership.

    • Delores

      Here’s what’s gonna happen in accounting terms…….penn star is going to write off the balance of the loan against loan income which is going to reduce their tax payments to the city of scranton, the state and the federal government. That’s what’s gonna really happen.

      • Delores

        What part of the truth don’t you like,,,,,,,that penn star is going to write a substantial amount off to bad loans or that because of reduced income ……..taxes will result in lower payments Across the board. I know how banks operate…..trust me…….this is exactly what’s gonna happen……along w some federal reserve requirements. They are making fools out of the taxpayers in scranton. Maybe I should run for mayor.

      • VALFREYJATHEMORON

        Ole Delores is at it again.
        The worldly know it all wench comes thru again with non stop poopoo out the yapper.
        Does anyone have an extra roll of toilet paper ??
        Gonna need it for this rant !

  • Delores

    This is why we had the financial crisis……banks give out bad loans and the taxpayers pay for it…….it looks like the taxpayers are on the line again…….for 85 million………calculated based on current market value for a property of that size downtown. This is not a victory for the city of scranton……it’s robbery and its a shame. You can thank the politians who are in bed w the rich.

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