Struggling Cobblestones Secures Buyer for Bankrupt Property

by San Antonio Attorney

205 Associates LLC, the owner of the decrepit Cobblestones building in York, has finally secured a buyer for the property, a month after they filed for Chapter 7 bankruptcy in Pennsylvania courts.

Identified as a certain Joe Estremera based in North York, the potential buyer seeks to purchase the property situated at 205-209 S.  George St.  and 20 E.  Princess St.  for approximately $361,000.  The seller’s agent, John Birkeland of Rock Commercial Real Estate, admits that Estremera has not disclosed his future plans for the property.  At present, the boarded-up structure stands with its glass facades broken and its walls peppered with water and electricity disconnection bills.

It can be recalled that the old Cobblestones building has already been listed in previous delinquent tax sales, but was delisted after the owner filed for bankruptcy.  205 Associates LLC  representative Vernon Shire has been announcing the impending sale of the building for years, but managed to retain ownership of the property (including its liquor licenses) up to now.

It is expected that the money generated from the sale will be used to settle 205 Associates LLC’s outstanding debts, including $222,500 mortgage dues to Fulton Bank, back taxes owed to the York County Tax Bureau amounting to S39,1000, as well as a $310 tax security interest owed to the York Business Improvement District.  Court documents show that 205 Associates LLC and Vernon Shire owe approximately $362,000 to various creditors.

Any remaining cash may be used to settle $100,000 in unsecured claims to Wyomissing York LLC owner Scot Depue.  Depue sued Shire and his company Veralin Inc, for an alleged breach of contract.  According to court documents, a purchase agreement between Depue and Shire fell through after the liquor license owned by Veralin was revealed as expired and could not be transferred successfully.  Apparently, Shire sought to renew the license when he filed for Chapter 7, but the decision to renew was put on hold by the courts.  Depue has refused to issue a comment regarding the ongoing civil case, or his involvement with the bankruptcy suit.

The U.S. Bankruptcy Court for the Middle District of Pennsylvania in Wilkes-Barre is set to issue a ruling on October 13 regarding the impending sale of the Cobblestones building.

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