The mortgage lenders for one of the largest malls in the country, located right here in West Nyack, have reportedly gone to court where the mall could be sold or face foreclosure, but a local lawmaker is hopeful a deal can be worked out. The Journal News reported Palisades Center’s owners haven’t yet paid off the $418 million mortgage they took out seven years ago. Clarkstown Supervisor George Hoehmann says he’s hopeful the mall can perhaps extend their deal with their lenders…
In a foreclosure complaint filed earlier this month, the mall’s creditors asked for everything in the mall to be sold to help pay off the mortgage, interest and court costs. The mall opened in West Nyack in 1998 and is in the top 20 largest malls in the U.S. and Canada. Palisades Center representatives could not be reached for comment.