Palisades Center Now Officially Sold At Foreclosure Auction

Less than three weeks following the news that this popular Hudson Valley mall, the third largest in the state, would be going up on the auction block, news broke that the Palisades Center Mall has officially been sold.

Get our free mobile app

Palisades Mall Facing Financial Troubles

As reported back in February of 2023, the Palisades Center Mall was facing some pretty serious financial troubles, with the possibility of foreclosure swirling around the state's third largest shopping mall. Then, just a little over two weeks ago, it was confirmed that the massive property in Rockland County, home to more than 200 stores, restaurants, and entertainment businesses, with over 2.2 million square feet, would be heading to public auction.

Ownership of the mall changed hands in 2024, as Syracuse-based management group Pyramid defaulted on the mortgage, with initial numbers showing an estimated $418 million, but by the time the court issued final judgement for the property, the amount due was more than $463 million.

As reported on January 20th, the Palisades Center was reportedly headed to a public auction scheduled for February 4, 2026.

SEE ALSO: Palisades Center Mall Will Hit The Auction Block

$175 Million For Palisades Center Mall At Foreclosure Auction

Following the multi-year financial downfall of the Palisades Center Mall, its official, the mall was sold for $175 million at a foreclosure auction on February 4th in Manhattan. Court records, as reported by Monsey Scoop, indicated BD Palisades Holdings LLC, submitted the sole bid for the property.

Court records indicate the winning bidder was BD Palisades Holdings LLC, an entity connected to Black Diamond Management, which had acquired the mall’s debt and pursued foreclosure.

BD Palisades Holdings LLC, which is connected to Black Diamond Management, is the same entity that acquired the mall's debt and initially pursued foreclosure. This means, as reported by the Rockland County Business Journal:

The buyer of the Palisades Center’s underlying debt is now the owner of the shopping mall. Black Diamond Management, via an affiliate BD Palisades Holdings LLC, was the only bidder in the auction this afternoon in lower Manhattan.

 The status of the mall, or any future plans for the property have not yet been released.