A small crowd gathered around the front steps of the old 2nd Story Theatre on Market Street Friday as they awaited to see the fate of the beloved theater company’s three properties during a public auction.

The bidding, conducted by Skip Ponte, Jr. of Irving Shechtman & Co., proved to be brief; just moments after the auction began at 11 am, Michael Tartaglia of Navigant Credit Union—facing no challenges from other prospective bidders — secured the second mortgage of 28 Market St., 12 Market St. and 10 Liberty St. for $70,000. Payoff for the first mortgage is just shy of $850,000.

“It’s always a shame when something like this happens in the arts,” Mr. Tartaglia said.

While the exact plans for each of the properties remains in question, Mr. Tartaglia stated that the bank intends to work with the town to determine the best use for all three parcels.

“Our goal is to maintain the integrity of the property,” Mr. Tartaglia said.

The auction came just three months after 2nd Story Theatre reluctantly and unexpectedly closed its doors after 17 years of operation in the East Bay.