Palisades Center Mall could face public auction
The years long financial saga of the Palisades Center Mall may reach a turning point next month, as court documents indicate a possible auction.
The yearslong financial saga of the Palisades Center Mall may reach a turning point next month, as court documents indicate a possible auction.
A notice of sale filed in court states that parcels making up the Palisades Center Mall in West Nyack are scheduled for a public auction on the afternoon of Feb. 4 in Manhattan.
News 12 has learned from local officials that the sale would involve the mall property excluding the former Lord & Taylor space, along with additional surrounding pieces of property.
Michael Koplen, a longtime bankruptcy attorney based in New City, looked over the documents.
“This is a straightforward foreclosure, like if you had a house and you didn’t pay the mortgage,” Koplen said. “Eventually there’s a foreclosure, and that’s what happened here but, of course, the numbers are much bigger than a house.”
Koplen said a bankruptcy filing could potentially delay the process or an appeal.
“That’s the only thing that I think could happen here, with the exception of an appeal being filed and then a stay against proceedings,” he said. “But no notice of appeal has been filed that I see on the docket.”
Clarkstown Supervisor George Hoehmann has painted a different outlook based on conversations he's had with town attorneys and other stakeholders.
He adds the town is not privy to full legal details and urges to let the process play out.
“It doesn’t necessarily mean that it's actually going to be a sale,” Hoehmann said. “There looks like there’s going to be a court hearing beginning of February, and then we’ll see what happens from there.”
Hoehmann added that Spinoso, which took over management of the mall from Pyramid, has made improvements to the property. He expressed confidence in the mall’s future regardless of ownership.
“It’s a well-performing asset, and we’re confident that it will have a bright future going forward,” Hoehmann said. “Whoever is going to end up owning it, they’ll be talking with the town. It’s zoned as a mall.”
A source close to the matter told News 12 that federal notifications would be required before any public sale on the property could move forward, and those have not yet been issued. News 12 reached out to Spinoso Real Estate Group and they had no comment.
The Palisades Center Mall has faced financial challenges for years, impacted by the rise of online shopping and compounded by pandemic-related closures.
For many Rockland County residents, the mall remains an important community space. Jennifer from Garnerville said she hopes to see it rebound.
“The mall means family. It’s a place for us to get together to enjoy, especially during the winter,” she said. "It’s sad to see every store close.”
Rockland County Executive Ed Day emphasized the mall’s importance to the county, noting that while Rockland County is not involved in the auction, the Palisades Center is a major driver of tax revenue for Clarkstown, the school district, and the County.
“It is also one of the premier tourist destinations in this county, bringing in visitors who generate additional outside revenue that pays for local services,” Day said. “I hope to see the Palisades Center running—and successful—for as long as possible.”
