ROCKLAND POST DESK
Palisades Center Acquisition The Palisades Center in West Nyack has a new owner. Black Diamond Capital Management, a Stamford, Connecticut-based investment firm, purchased the mall at a foreclosure auction for about $175 million. The company plans to keep the mall long-term and invest in improvements, though no specific plans or timelines have been announced.
Mall Overview The mall is 2.3 million square feet with more than 200 shops and attractions, drawing roughly 12 million visitors a year. Several large stores, including the former Lord & Taylor and JC Penney, remain empty.
About Black Diamond Black Diamond specializes in buying underperforming or distressed assets, often investing its own capital alongside outside investors. The firm manages roughly $11 billion in assets and has decades of experience turning around struggling properties. Black Diamond calls the Palisades Center an “irreplaceable asset” and sees value in improving the mix of shops, entertainment, and services for the community.
About Spinoso Real Estate Group Spinoso Real Estate Group, based in Syracuse, continues to manage day-to-day operations. Spinoso has expertise in leasing, property management, and revitalizing malls nationwide, and was selected in 2024 to stabilize Palisades Center after years of vacancies and operational challenges. Black Diamond cited Spinoso’s “operational discipline and leasing execution” as a key reason to continue the partnership.
Local Officials Weigh In Clarkstown Supervisor George Hoehmann said he hopes the mall stabilizes under new ownership. Rockland Business Association President Ken Zebrowski highlighted the mall’s importance as a major employer and taxpayer, while Rockland County Executive Ed Day noted the property contributes over $22 million a year in property taxes.
Looking Ahead The future of the Palisades Center could include new retail and entertainment options, updates to infrastructure, and potentially mixed-use development. Analysts say the mall’s location, with access to more than 2 million nearby residents and high household incomes, gives it a strong foundation to remain a regional destination if Black Diamond and Spinoso adapt to changing retail trends.
Residents and local leaders want clear communication as plans develop. With capital investment, professional management, and community engagement, the mall could remain a local economic and social hub for years to come.