Niagara Gazette — TOWN OF NIAGARA — The Sabre Park mobile home property is heading for the auction block.
The park, located off Factory Outlet Boulevard near the Fashion Outlets Mall, is scheduled to be sold to the highest bidder during a foreclosure auction slated for Oct. 5. The auction will begin at 10 a.m. and will be held at the Niagara County Courthouse building, 175 Hawley St., Lockport.
Sale of the property follows the commencement of foreclosure proceedings against the park's current owner, Sabre Park Associates, LLC. The action was initiated by a company called Macerich Partnership, LP, an affiliate of a California firm that purchased the adjacent Fashion Outlets mall site last year. Court records indicate Sabre Park Associates owed more than $6.4 million on a mortgage at the mobile home park. Macerich acquired the lien last year.
In recent months, more than half of the residents at Sabre Park either moved their mobile homes off site or abandoned them on the property. A fire at the park's management office in June is still being investigated as an arson. Remaining tenants were recently offered new one-year leases that run through November of 2013. The property is managed by M Shapiro Real Estate, a Michigan-based company hired to manage the property by attorney John Ottaviano, who was appointed by New York State Supreme Court Justice Richard Kloch to serve as receiver of rents at Sabre Park.
A legal notice announcing the auction says the property will be sold as a single parcel with terms to be announced at the time of the sale. It lists the total judgment amount at $6,475,775.32, plus interests, costs and attorneys' fees. The prospective purchaser will be expected to deposit 10 percent of the bid price in cash or certified check at the time of sale.
Ted Janese III, the Niagara Falls attorney who is serving as the court-appointed referee in the foreclosure proceedings, said he had not yet received a written copy of the formal terms of sale from the plaintiffs, Macerich, but expected to have them in hand at least 24 hours before the actual auction.