Maryland Investor Buys Oklahoma Mall Movie Theater
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.)