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. That’s according to the Journal News. Palisades Center’s owners have a $418 million mortgage they took out seven years ago. In a foreclosure complaint filed earlier this month, the mall’s creditors are asking for everything in the mall to be sold to help pay off the mortgage, interest and court costs. Rockland County Executive Ed Day says Palisades Center is a major tax revenue driver for Clarkstown, local schools, and the county…
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.