Clarkstown has until August 3rd to decide whether it will put a referendum on the Nov. 3rd ballot for voters to allow The Palisades Center to expand into its unused space.
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Indianapolis-based Simon Property Group has sued The Gap Inc. and associated entities for breach of contract and willfully withholding rent during the coronavirus pandemic.
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The Palisades Center did not make April or May mortgage payments and an insider familiar with The Pyramid Group says a June payment is “not likely,” because stores are not on track to open until mid-month.
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Malls around the nation that had been closed since March to prevent the spread of COVID-19 began opening within the last two weeks, but foot traffic remained anemic, according to data from Placer.ai.
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J.Crew is the first company to file for bankruptcy during the COVID-19 pandemic and analysts expect the list will grow longer.
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More than half of all mall-based department stores could close by the end of 2021, according to Green Street Advisors.
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Bankruptcy is looking like a probable outcome for The Pyramid Group but Hail-Mary negotiations have been underway through the weekend to keep the mall developer from the bankruptcy court, according to a source close with knowledge of the dire situation.
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Its massive debt of $388.5 million has been transferred to a special CMBS servicing unit because of “imminent monetary default.”
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Sporting goods chain Modell’s says it is closing 24 of its 140 stores nationwide. So far, It is unclear whether either of Rockland’s two locations will be affected
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County Executive Ed Day used his bully pulpit during Thursday’s State of the County address at The Palisades Center to advocate for a resolution on the mall’s deadlocked efforts with the Town of Clarkstown to build out an unused portion of space on the fourth floor
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