May 22, 2019
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Bangor Mall sells for $12.6 million, well below assessed value

Linda Coan O'Kresik | BDN
Linda Coan O'Kresik | BDN
The Bangor Mall

Eighteen months after its former owners defaulted on an $80 million loan, the Bangor Mall was sold for $12.6 million, one of the three new owners said.

The $12.6 million is a little more than half of the city of Bangor’s assessed value of $24.7 million for the property.

The sale price also is below the $14.95 million high bid in a Ten-X online auction held Feb. 25-27.

While the reserve for that auction was not met, the new and former owners negotiated to close the sale Tuesday. When an auction reserve is not met, the seller has the option to negotiate further with the bidders.

The $12.6 million price was confirmed by one of its new owners, Elliot Nassim, president of Mason Asset Management.

Mason, Namdar Realty Group and CH Capital Group bought the beleaguered mall, closing the sale April 16, according to Penobscot County Registry of Deeds documents.

The three real estate investors all are based in Great Neck, New York.

They bought the mall under different names. Bangor Mall Realty LLC owns 70 percent of the mall, Bangor CH LLC owns 25 percent and Bangor Nassim LLC owns 5 percent.

The three companies also took out a $9.75 million mortgage on the mall from the Israel Discount Bank of New York.



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