Black Diamond Buys 2.3 MSF Palisades Center Mall in West Nyack, New York

WEST NYACK, N.Y. — Black Diamond Capital Management, a Connecticut-based alternative investment firm, has purchased Palisades Center, a 2.3 million-square-foot mall in West Nyack, about 35 miles north of New York City. According to the Rockland County Business Journal, Palisades Center sold for $175 million at auction after being originally listed for $463.4 million. According to Wikipedia, the shopping, dining and entertainment destination is the 12th largest U.S. mall by gross leasable area and was first developed by Pyramid Cos., ultimately opening in March 1998. Black Diamond plans to be a long-term owner of Palisades Center and to invest in various capital improvements to attract new users; the Rockland County Business Journal also reports that Palisades Center currently has two vacant anchor spaces that were previously occupied by Lord & Taylor and J.C. Penney. Spinoso Real Estate will operate the property as it has since fall 2024.