The Palisades Center Mall in West Nyack faces foreclosure
A document filed by creditors last week -- called a Commercial Mortgage Foreclosure complaint -- claims that the mall owners, EklecCo and other Pyramid Management group affiliates, are overdue on paying back a more than $418.5 million loan taken out in April 2016.
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Feb 18, 2023, 1:27 AM
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Updated 555 days ago
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14h agoThe Palisades Center Mall in West Nyack is facing a possible foreclosure.
The Palisades Center Mall in West Nyack is huge, and it appears they’re in some big financial trouble at the moment.
A document filed by creditors last week -- called a Commercial Mortgage Foreclosure complaint -- claims that the mall owners, EklecCo and other Pyramid Management group affiliates, are overdue on paying back a more than $418.5 million loan taken out in April 2016.
It was supposed to be repaid during the pandemic but the lenders and borrowers reached an agreement in 2020 to a new date in the fall of 2022 because of financial hardships from COVID-19.
The document states the mall defaulted on the loan because it was not fully repaid by that new fall date.
The Palisades Mall is the 12th largest in the country when it comes most space to lease out. The mall is also a big source of revenue for the Town of Clarkstown and local school district.
Clarkstown Town Supervisor George Hoehmann said Friday he has been in discussion with the mall.
He said they are working on things but could not add much more than that because this is a private matter between those parties.
He said the mall has been paying taxes.
“We were all surprised and concerned when we learned recently that their financial institution has moved to foreclose on them,” Hoehmann said.
News 12 made calls and sent emails to Pyramid Management group for comment but did not hear back as of Friday night.
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