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Boulevard Mall sold to avoid foreclosure

Posted: 6:37 PM, Dec 04, 2017
Updated: 2017-12-04 23:55:18Z

The Boulevard Mall has a new owner after the previous owner, Forest City Realty Trust from Cleveland, turned over the deed for the property to the mortgage holder, LNR Partners from Miami, Florida.

Forest City had owned the Boulevard Mall since the early 1960's, but had put the mall up for sale and missed making a $92 million loan payment earlier in the year.

To void going into foreclosure, Forest City sold the mall to LNR Partners for $96.8 million.

A "Deed in Lieu of Foreclosure" was recorded in the Erie County Clerk's Office this past week.

The big question now is what will it mean for the region's oldest mall?

7 Eyewitness News Reporter Ed Reilly is attempted to find  answers and has more in his reports.