Pensdale, PA — The sale to State College-based developer FamVest, LLC in the Lycoming Mall has been postponed again. The sale was originally expected to be completed by the end of February or early March.
Williamsport/Lycoming Chamber of Commerce Chairman Jason Fink said the sale should be completed by mid-June. Told.
The malls are owned by Mike Cohan under the name of Lycoming Realty Mall Holding, LLC, part of Cohan Retail Investment Group (KRIG) of Great Neck, New York, Cohan owns approximately 50 malls, Notorious for ignoring them.
Recently, KRIG admitted to nonpayment of water and sewerage bills, which could make it difficult to sell the mall. Christine Weigle, executive her director of the Lycoming County Water and Sewer Authority (LCWSA), said Cohan now owes $170,000 in unpaid bills. He recently made a partial payment, but it’s still an “amazing amount,” Weigl said.
Because of this, Weigle said she and her staff have no choice but to begin the process of selling Sheriff, which is scheduled for November. Once that amount is paid to , the potential sale will cease.
Fink says it is in regular contact with the developer, who is aware of the issue, but intends to proceed with the sale nonetheless. He added that there is a tight deadline for buyers in mid-June for financing.
When asked about rumors that Cohan’s alleged lease renewal with Books a Million (BAM) and Burlington Coat Factory last winter may also be causing delays, what did Fink say? A BAM employee said the store renewed its lease months ago.
This isn’t the first time the mall has come close to selling a sheriff. In May 2022, Cohan avoided a Sheriff sale just hours after paying off his $240,000 debt in full. A few years ago, in February 2019, a sheriff’s sale was set for the mall’s nonpayment of water and sewage bills. That sale was also canceled when Cohan made the payment.
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Weigle said he was positive and hoped the mall sale would go well. “Our hope, of course, is for the mall to be sold to someone involved in the local community,” Weigl said. “All we want to do is see the property repurposed.” is.”
FamVest received $5 million in state funding from the state last year. Redevelopment Assistance Capital Program (RACP) to support the mall’s proposed $15 million purchase cost. The developer also recently purchased land around the mall, including Bush House. Senior Vice President of FamVest He M. Jon Jahanshahi said: They plan to convert the mall property to mixed commercial and residential use.
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Jahanshahi, who lives in Muncie, did not immediately respond to a reporter’s request for comment.