News Blog
Medley Centre faces auction, again
Medley Centre's owner once again faces the possibility of losing rights to the dead mall and several related properties.
This time, the issue is Bersin Properties' unpaid debt to Passero Associates. Bersin hired the local engineering firm to help draw up plans to develop the former Irondequoit Mall, but never paid Passero in full for the work. A few years ago, a judge ordered Bersin to pay Passero more than $400,000.
The Democrat and Chronicle reports that the Monroe County Sheriff's Office will auction the Medley properties so that Passero can get what it's owed; the Sheriff's Office Civil Bureau has the authority to seize and auction private properties when the owner has an unsatisfied judgement. The auction is set for 10 a.m. on January 21, and Bersin has until that time to settle up, reports the D&C.
Medley was already saved from auction once this year by the company's former lender, Nomura Capital and Credit. The county foreclosed on the properties over back taxes and planned to sell them off, but Nomura stepped in and paid the $1 million-plus obligation.
Bersin Properties still owes money to the bank, which has a lien against the mall properties. The developer — a term that loosely applies to Bersin Properties, considering it embodies inertia — says that Nomura inappropriately withdrew promised funding, and the two companies are involved in a court battle over that whole thing.
Several other companies have filed liens against Bersin Properties over the years and it's not clear how many of those remain in effect.
This time, the issue is Bersin Properties' unpaid debt to Passero Associates. Bersin hired the local engineering firm to help draw up plans to develop the former Irondequoit Mall, but never paid Passero in full for the work. A few years ago, a judge ordered Bersin to pay Passero more than $400,000.
The Democrat and Chronicle reports that the Monroe County Sheriff's Office will auction the Medley properties so that Passero can get what it's owed; the Sheriff's Office Civil Bureau has the authority to seize and auction private properties when the owner has an unsatisfied judgement. The auction is set for 10 a.m. on January 21, and Bersin has until that time to settle up, reports the D&C.
Medley was already saved from auction once this year by the company's former lender, Nomura Capital and Credit. The county foreclosed on the properties over back taxes and planned to sell them off, but Nomura stepped in and paid the $1 million-plus obligation.
Bersin Properties still owes money to the bank, which has a lien against the mall properties. The developer — a term that loosely applies to Bersin Properties, considering it embodies inertia — says that Nomura inappropriately withdrew promised funding, and the two companies are involved in a court battle over that whole thing.
Several other companies have filed liens against Bersin Properties over the years and it's not clear how many of those remain in effect.
