Maryland Investor Buys Oklahoma Mall Movie Theater

View Comments

OKLAHOMA CITY (AP) — The Federal Reserve Bank of New York has sold a movie theater at a south Oklahoma City mall it gained possession of as a result of the 2008 Wall Street financial collapse.

Price Edwards & Associates broker Paul Ravencraft told The Oklahoman that Rockville, Md.-based Golden Prairie Associates LLC paid $4.65 million for the 16-screen AMC Theater at Crossroads Mall. The Oklahoma County Assessor’s Office listed the market value of the theater, built in 1998, at $6.9 million.

The Federal Reserve Bank of New York created the entity, Maiden Lane, to take on a portfolio of risky Bear Stearns assets.

When the mall fell into foreclosure, Maiden Lane took possession after a sheriff’s sale because a former owner, Macerich Co., had refinanced $61.2 million with Bear Stearns.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

View Comments
blog comments powered by Disqus

Get every new post delivered to your Inbox.

Join 7,684 other followers