Auction for site was called off after property owner Greentree Associates filed for bankruptcy,The Gazette reports.
The owner of the property that houses the historic Bethesda Community Store has filed for Chapter 11 bankruptcy, The Gazette reports. An auction that had been set for the property for Tuesday was called off after the bankruptcy filing. The store, a historic site that’s been a fixture in the community since 1924, will continue to operate at the site. The property owner, Greentree Associates in Chevy Chase, wasn’t able to negotiate the terms of their loans with The Harbor Bank of Maryland, Greentree managing member Gary Jaffe told The Gazette. “It’s the bank that’s the problem,” Jaffe told The Gazette. “It’s not the business there.” Read the full story at The Gazette.
It's not clear why the auction for the property -- which houses the Bethesda Community Store -- was canceled.
UPDATE, Jan. 8, 10 a.m.: The auction for the property that houses the Bethesda Community Store has been called off. The cancellation was confirmed by Bradd Caplan, an auction agent with Alex Cooper Real Estate. Property owner Gary Jaffe also confirmed the cancellation, but couldn't speak with a reporter Tuesday morning. It wasn't clear why the auction was canceled. Bethesda Community Store owner Arnie Fainman said the business would continue to operate at the site for now. He couldn't comment further on the auction or foreclosure on the property where he is a tenant. “I just have to keep pushing forward and maintaining the business and keep going, that’s all I can do,” Fainman said. Original story: The property that houses the iconic …