News Column

Foreclosure auction looms for HotShots bar and building

January 29, 2014

By Maury Thompson, The Post-Star, Glens Falls, N.Y.

Jan. 29 -- GLENS FALLS -- The South Street property where HotShots Sports Bar is located will be offered for sale Tuesday at a foreclosure auction. The bar will remain open at least through the weekend, said Sascha Mehalick , who owns the business and the property at 45 South St. in Glens Falls . "I have no arrangements. We'll just see what happens at the auction," he said Tuesday. Mehalick said "a lot of factors" contributed to the financial demise of the business he has operated for nearly nine years. "Everyone just assumes that the bar makes all kinds of money. But the bar needs to be full, and it hasn't been for a long time," he said in a telephone interview. "The 3 o'clock closing time certainly doesn't help much," he said, referring to the moving up in September of the bar closing time in Warren County from 4 to 3 a.m. Glens Falls Mayor John "Jack" Diamond pushed for the earlier closing time as part of an initiative to change the quality of life on South Street . Mehalick owed Bayview Loan Servicing LLC $500,986 , as of a judgment Feb. 28 , plus $191.75 -per-day interest from that point on, said Robert Regan , the court-appointed referee for the auction. The auction is scheduled for 9:30 a.m. Tuesday at the entrance of Warren County Municipal Center in Queensbury . The property's full market value assessment, for tax purposes, is $237,700 , according to the city Assessor's Office. The bank previously foreclosed on the property in 2010, but Mehalick refinanced the mortgage and kept ownership. Diamond said he will be watching the outcome of the auction closely, as the sale of the property and the recent relocation of Capital District Off Track Betting from another building on the same block could increase the chances of redevelopment in the neighborhood. "That changes the dynamics of that corridor significantly," he said. The Greater Glens Falls Local Development Corp. has been seeking funding to prepare a redevelopment plan for the neighborhood. "We're still looking into trying to get some funding for that," Diamond said. "It's a matter of finding the right project with the right developer." Mehalick bought the property, the former Pitchers Sports Bar, in 2005 and renovated the building. He said at the time he and his family paid $525,000 for the building, business and inventory. Previously, he owned a used car dealership in Queensbury for 12 years. Mehalick said Tuesday he expects to attempt some other business venture, but he does not yet know what that will be. ___ (c)2014 The Post Star (Glens Falls, N.Y.) Visit The Post Star (Glens Falls, N.Y.) at Distributed by MCT Information Services

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Post-Star (Glen Falls, NY)

Story Tools