Palisades Center Mall foreclosure auction goes for $175 million
The starting bid was set at $175 million, and no higher bids were made.
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There is now a clearer picture of who effectively owns the Palisades Center Mall after years of financial issues.
A foreclosure auction for the West Nyack megamall was held in a New York City courtroom at 60 Centre Street and wrapped up in just minutes. The starting bid was set at $175 million, and no higher bids were made.
Because of that, the foreclosure plaintiff BD Palisades Holdings, connected to Black Diamond Capital Management, effectively took ownership of the mall.
Clarkstown Supervisor George Hoehmann said the town closely monitored the proceedings, sending both its attorney and assessor to be present in the courtroom.
“I see the future being very bright,” Hoehmann said pointing to Black Diamonds ability to turn around struggling properties.
“They’ve got a real track record of taking malls like this and giving them a shot in the arm,” Hoehmann said. “They bring in different components and build on what’s there — and I think there’s a lot to build on at the Palisades Mall.”
Hoehmann said he plans to meet with representatives from Black Diamond in the near future and will advocate for the Spinoso Management Group to remain in place. Spinoso has been overseeing the mall in an interim role, and Hoehmann credits the group with making important improvements.
“They’re currently working on fire safety systems, sprinkler systems, the parking deck, and a whole bunch of other areas,” he said.
News 12 first began reporting on the mall’s financial troubles in 2023, when the original owners defaulted on a $418 million loan. The Palisades Center has faced several challenges over the years, like pandemic-related closures, the loss of anchor stores, and a rise in online shopping.
News 12 reached out to a representative from the mall’s Spinoso Management Group who had no comment.
Attorney's for BD Palisades Holdings had no comment for News 12 after court.
