Feb. 05--GLENS FALLS -- The bank that foreclosed on the HotShots Sports Bar property was the high bidder, at $200,000, for the building and land at 45 South St. at a foreclosure auction on Tuesday.
An agent for the bank -- Bayview Loan Servicing LLC -- outbid Peter Shabat, the only other bidder, whose high bid was $185,000 at the auction at Warren County Municipal Center in Queensbury.
Shabat is a private financier and real estate investor from Glens Falls, who owns other property on South Street.
Contacted later on Tuesday, Sascha Mehalick, the sports bar's owner, who did not attend the auction, said he will continue operating the bar until the bank instructs him otherwise.
"In the meantime, we're going to be operating as normal," he said.
The foreclosure sale was for the premises only, not the contents of the building, said Robert Regan, the court-appointed referee.
The bank has until March 4 to finish its purchase, according to terms of the sale. No one representing the bank would say what its next course of action will be.
The bank's representative who attended the auction and handled the bidding would not discuss the bank's plans and would not give his name or provide contact information for the bank.
The bank representative turned his back to the camera to hide his face when The Post-Star was taking photographs at the auction.
The bank's representative said he works as a process server, and his safety could be in jeopardy if his name or photograph are published.
Contacted later on Tuesday, a paralegal with the Westchester County-based law firm of Knuckles, Komosinski & Elliott, which represents the bank, said the bank's next course of action is not known.
Mehalick owed $500,986 to Bayview Loan Servicing, which has operations in Illinois, Florida and Michigan, as of a judgement on Feb. 28, 2013, plus $191.75-per-day interest from that point on, Regan has said.
The property's full market value assessment, for tax purposes, is $237,700, according to the city Assessor's Office.
Developers Chad Nims and Thomas O'Neill attended the auction, but did not bid.
Nims, who is in the process of redeveloping the former Spotlight Dance Club building at 192 Glen St. in Glens Falls, where Mean Max Brew Works plans to open, attended with Shabat.
O'Neill owns the Union Square complex on Broad Street in Glens Falls.
(c)2014 The Post Star (Glens Falls, N.Y.)
Visit The Post Star (Glens Falls, N.Y.) at www.poststar.com
Distributed by MCT Information Services