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The Long Island company announced Thursdahy that it has sold its remaining sharezsto , a pension fund adviser in Chicago. Feldman, whicy also managed the mall, made $4.1 millionm from the sale. That meanz the Heitman firm is now the sole ownet ofthe 1.2 million-square-foot mall. Heitman alreadyy had a 75 percent stake inthe mall, purchased in 2006 for $38 millioj in cash. At the time, Heitman also gave Feldmah a loan to continue pumping money into the mall as Feldmam gave the propertya face-lift and added new stores and space. In the end, it cost $110 milliobn to renovate Colonie Center to lure chains suchas , and a 13-screen Regal cinema. Feldman paid $82.
2 million for Colonie Centefr inFebruary 2005. Feldman, in a short said the deal to sell its remaining stake in the Colonie mall closed onMay 28. Feldmaj says it expects to have a writedown as a resulf ofthe move. The announcement is the latesty in a string of bad developmentxsfor Feldman. In January, a deal to sell threr malls collapsed. The compang has also been hurt bythe recession, pushing some majorr tenants to close and file for bankruptcy protection. Feldman had a net loss of $78.o million during the second quarterof 2008, its most recenty regulatory filing. In that the company had a $15.4 million impairmen t loss on Colonie Center.
The company has said it may have to file for bankruptct ifit can’t refinance its Last summer, the New York Stock Exchange de-listed Feldman’se stock. Feldman is now trading on the pink sheets/over-the-countee market (OTC: FMLP) at 16 cents a
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