West Nyack NY: Sensory room opened by BRIDGES at Palisades Center
BRIDGES independent living center, has opened a Sensory Room in the Palisades Center, for children overstimulated by the mall’s noise.
- In an April 9 ruling, state Supreme Court Judge Frances Kahn III granted summary judgment for Wilmington Trust, which held a $418.5 million loan the mall’s owners took out in 2016.
- The judge also appointed a referee to calculate the amount due to Wilmington Trust and to figure out if the mall can be sold in parcels.
- The 2.2 million-square-foot shopping and entertainment complex, less than an hour’s drive from New York City, was once among the most popular shopping destinations in the U.S.
The Palisades Center megamall took another knock in its effort to fend off foreclosure, with a state judge appointing a referee to figure out details of what the mall’s lenders are owed and how the mall could be sold.
In an April 9 ruling, state Supreme Court Judge Frances Kahn III granted summary judgment for Wilmington Trust, which held the $418.5 million loan the mall’s owners took out in 2016.
The judge, who sits in state Supreme Court in Manhattan, also appointed Roberta Ashkin of NYC-based Ashkin Law, as referee to calculate the amount due to Wilmington Trust and to figure out if the mall can be sold in parcels.
The court has set up an Aug. 6 virtual hearing if a motion of foreclosure of judgment and sale have not been completed by then.
“The protracted foreclosure litigation involving the Palisades Mall and its lender continues with this most recent court decision,” said Clarkstown town attorney Kevin Conway. “The Town of Clarkstown will continue to monitor these legal developments and is committed to utilizing all available legal measures to safeguard taxpayer interests.”
The defendants are listed as EklecCo Newco LLC, Queen’s Comics Newco LLC, Riesling’s Associates, Three J’s Family Trust, CS Hudson Inc., New York State Department of Taxation and Finance, and John Does 1-100. EklecCo is a subsidiary of Syracuse-based Pyramid Cos., which built the West Nyack mall in the late 1990s.
What’s next for Rockland mall amid changing retail landscape?
The mall has been operating since last summer under a court-ordered receiver. It’s now being managed by Spinoso Real Estate Group.
Spinoso did not immediately return a request for comment.
The mall had long contended its value had plummeted and was fighting its property tax bill for years. A tax settlement deal with the mall and town reached in July 2024 put the Palisades Center’s market value at $300 million.
Rockland County Executive Ed Day said the mall is an important part of Rockland and a major tax revenue driver for Clarkstown, the school district, and the County of Rockland.
“It is also one of the premiere tourist destinations in this county, bringing in visitors who generate additional outside revenue that pays for local services” Day said, “and I hope to see the Palisades Center running — and successful — for as long as possible.”
The retail landscape in Rockland, and in particular Clarkstown, has seen several recent changes. In January, the Shops at Nanuet was sold to New City-based developer Alexander Property Holdings LLC for $60 million. Alexander also owns most of the Spring Valley Marketplace, which has been undergoing extensive changes, including the transformation of a block of stores into an indoor mall of boutique stores like Kids Chic and vendors like Patis, an artisan kosher bakery. The shopping center also is home to Bingo, described as a “kosher Costco,” and Target.
How we got here: Big loan, pandemic fallout
The 2.2 million-square-foot shopping and entertainment complex, less than an hour’s drive from New York City, was once among the most popular shopping destinations in the U.S. It is still among the largest.
Opened in 1998, the mall has been controversial among many locals and had its share of financial struggles.
EklecCo took out a bundle of loans, with a total principal of $418.5 million, from JP Morgan and Barclays banks in April 2016.
EcklecCo asked and received a freeze on payments during COVID shutdowns that hit in-person retail hard. But it failed to pay up when the loan was due again, in fall 2022, the creditors charged in court documents.
In 2023, creditors went to court in Manhattan seeking foreclosure after EklecCo failed to pay its loans back, even after extensions were granted. Wilmington Trust, representing the creditors, filed the commercial mortgage foreclosure complaint.
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