The owners of a handful of buildings in Nyack have defaulted on a $3.5 million mortgage, according to a lawsuit filed by its lenders in the Supreme Court of Rockland County this week.
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The Biden administration recently extended the foreclosure moratorium and mortgage forbearance through the end of June.
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The maturity date for the loan has been extended to either October 2021 or whenever Palisades Center pays off the last of the 12 monthly installments, whichever comes first.
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The Palisades Center could go into foreclosure by mid-summer if owner Pyramid Management Group does not find a buyer, according to an inside source at J.P. Morgan.
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