Northeast Times

TD Bank buys NE Community Center

The North­east Com­munity Cen­ter on Holme Av­en­ue was auc­tioned at sher­iff’s sale on Nov. 13 to TD Bank, which held the cen­ter’s $1.1 mil­lion mort­gage.

The win­ning bid was $600,000, ac­cord­ing to Joseph C. Vign­ola, chief deputy sher­iff for fin­ance and ac­count­ab­il­ity. The open­ing bid was $102,000, Vign­ola said.

Jen­nifer Morneau, the bank’s com­mu­nic­a­tions man­ager, con­firmed that the bank bought the prop­erty.

It is not un­usu­al for a fore­clos­ing bank to be the win­ning, and some­times only, bid­der in a sher­iff’s sale, be­cause in­ter­ested parties must bid without ac­tu­ally view­ing the prop­erty. 

In re­sponse to a ques­tion on the prop­erty’s fate, Morneau said it was too soon to say what the next steps would be.

Last week, the cen­ter’s ex­ec­ut­ive dir­ect­or, Stan Co­hen, said the bank had fore­closed. The cen­ter, he said, has been fin­an­cially strapped since its biggest money-maker, its swim­ming pool, was closed be­cause of an early 2010 roof col­lapse.

The roof was re­paired and the pool re­opened, but mem­ber­ship, and, there­fore, rev­en­ues, dra­mat­ic­ally dropped from 2,300 to 900, Co­hen said. ••

You can reach at jloftus@bsmphilly.com.

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