Judge Approves Foreclosure Of Former Mount Kisco Borders Site

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The former Borders site in downtown Mount Kisco.
The former Borders site in downtown Mount Kisco. Photo Credit: Tom Auchterlonie

MOUNT KISCO, N.Y. -- A judge has signed off on a judgement that permits foreclosing the former Borders site in downtown Mount Kisco.

The decision, which was filed on Friday, came from state Supreme Court Justice Alan Scheinkman, who was assigned the case. 

The judgement order also names a location for a planned auction of the property. The foreclosure auction will be held in the lobby of the Westchester County Courthouse in White Plains. The time and date will be determined by an appointed referee. Mount Kisco attorney P. Daniel Hollis was selected to serve as the referee. 

As part of the judgement, Scheinkman ruled that the plaintiff, which is an entity called GCCFC 2007-GG11 Kisco Retail, LLC, is entitled to more than $9.1 million. The amount, which is as of Feb. 6, includes money owned for the property's mortgage, interest and attorney fees.  

The plaintiff, which holds the loan, first sued the property owner, Mt. Kisco Associates, L.P., in February 2013, claiming that there was a default of the mortgage.

The loan, which was agreed to in 2007, included a principal of $6.3 million, an interest rate of 6.815 percent and a maturity date of Sept. 6, 2017. The parties reached a deal, dated May 30, to allow a foreclosure to proceed.

The loan's contract allowed for paying interest only for the first five years.

The site is at 154-162 E. Main St.

A copy of the judge's ruling can be viewed here.

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