Massachusetts Foreclosure Auction for Abbey Grill and Great Hall Dates
The auction for the foreclosed bank owned Abbey Grill and Great Hall in Fall River, Massachusetts has been scheduled on August 20. This is the third auction date that Millennium bcpbank, the holder of the property’s mortgage, has set for Abbey Grill and Great Hall. The first two dates were set in March and May.
The auction has been set based on the breach of conditions case involving the property’s $1.6 million loan taken out in 2004. The mortgage is under the name of International Institute of Culinary Arts, owner of the foreclosed bank owned Abbey Grill and Great Hall.
The two buildings of Abbey Grill and Great Hall house a banquet hall, restaurant and cooking school under the management of master chef George Karousos. A Bank Street-located building used by Karousos as central office for his cooking school was put on foreclosed bank owned auction last June 30.
The brick-veneered building that stands on a .15-acre lot was sold for about $150,000. The property is mortgaged for $285,000 with Sovereign Bank.
Meanwhile, the assets of the Abbey Grill and Great Hall building, including kitchen equipment and a 6-foot fountain, were auctioned off individually last July 9. Additionally, the liquor license of the building was also sold for $13,000.
According to industry experts, buyers’ interest on the Abbey Grill and Great Hall has waned following the disposal of assets. Developer Jerry Donovan has expressed his lack of interest to buy the building after the equipment and liquor license have been sold off.
According to the terms of the sale, the buyer of the property will pay for back taxes and other financial encumbrances. Data released before the assets auction showed that Karousos owed $425,000 in unpaid taxes for the property and about 60 creditors are seeking payments for breach of contracts and unpaid services, totaling $743,000.
Nationwide, the commercial real estate market is expecting more foreclosures as recession continues to plague the country. According to industry analysts, the number of commercial properties in trouble has increased almost twice this year, with assets in default, under foreclosure or bankruptcy reaching almost $108 billion.
But the influx of foreclosed bank owned commercial properties is expected to deluge the market in the first quarter next year in anticipation of the unloading of foreclosed banks from the Federal Deposit Insurance Corp.’s portfolio.
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