During a foreclosure auction held Feb. 4 at the New York State Courthouse at 60 Centre St. in Manhattan the Palisades Center shopping mall at 1000 Palisades Center Drive in West Nyack was sold for $175 million, according to court documents reviewed by Westfair’s Westchester County Business Journal.
The winning bid was entered by BD Palisades Holdings LLC. The foreclosure auction was the climax to a series of court actions over the past couple of years centered around a mortgage default.
A foreclosure action had been filed in 2023 by Wilmington Trust in the wake of the mall owners, EklecCo and Pyramid Management Group based in Syracuse failing to make timely payments on a $418.5 million mortgage.
At that time, Rockland County Executive Ed Day commented, “Regardless about how one feels about the Palisades Center Mall, it is a major tax revenue driver for the Town of Clarkstown, the school districts and the County of Rockland.”
Day described the shopping mall as a premier tourist destination and a major attraction that brings outside revenue to Rockland County.
The firm Black Diamond Capital Management (BDMC) had purchased the debt from Wilmington Trust. Mall buyer BD Palisades Holdings LLC was identified as associated with BDMC. BDMC describes itself as a privately held alternative asset management firm specializing in high yield credit, stressed and distressed credit, restructurings and business turnarounds. It reports having more than 100 employees and four global offices.
The Palisades Center encompasses 2,359,541 square feet on four levels and has more than 200 stores and restaurants plus a movie theater and an ice rink. Spinoso Real Estate Group of Syracuse has been managing the mall.
