CUMBERLAND — After high expectations were planned three years ago for the Peskins Building downtown, Mort Peskin has bought back the building that housed his family’s shop since 1911.

“I hate to see it empty,” Peskin said prior to the auction in front of the Allegany County Circuit Courthouse on Thursday afternoon. “Whether someone else buys it or I buy it back, it will be put back to some use.”

Peskin said he had no definite plans for what to do with the building. He said he will likely move his office to it temporarily and look into selling it again, possibly even developing the building at 145-147 Baltimore St.

He did say he felt it was more likely he’d sell rather than develop the store.

Peskin sold the building in 2005 to Miguel Zavaleta doing business as MG Enterprises Inc. of Springfield, Va. Zavaleta said at that time he had plans for retail and office space in the building. Peskin had financed the deal with Zavaleta.

As of May 15, MG Enterprises owed $265,653.47 to Peskin, who had agreed on a promissory note of $280,000 with the company in June 2005 with Miguel and Giubella Zavaleta.

Peskin then foreclosed on the property, and the building was put up for auction July 23, but no bids were placed at that time.

When it again went up for auction Thursday, Peskin placed a bid of $100,000 to purchase back his building. Though there were about a dozen people in attendance at the auction, only Peskin placed a bid.

James Walsh, Peskin’s attorney, oversaw the auction and said it wasn’t unusual for someone foreclosing on a building to purchase it when it came to auction.

Walsh said the process will continue with a report of Peskin’s bid being filed at the court.

It will be up to the court to issue notices that will be published for the public to offer any objections to Peskin’s bid and repurchase of the building. He said there will be 30 days open for objections. The court will then determine if the sale is proper and finalize it.

Peskin said because he purchased the building, he will not have to pay himself. According to the public notice published before the auction, the bid amount would go toward the cost of foreclosing on the building.

Contact Sarah Moses at smoses@times-news.com.

React to this story:

0
0
0
0
0

Tags

This Week's Circulars