West Nyack, N.Y. — Affiliated funds of Stamford, Connecticut-based Black Diamond Capital Management have acquired Palisades Center, a 2.3 million-square-foot shopping center in West Nyack, approximately 18 miles north of Manhattan. Black Diamond purchased the property’s underlying debt for $175 million in a foreclosure auction last week, according to the Rockland Business Journal. The previous owner, Pyramid Management Group, defaulted on the $400 million mortgage in early 2020. Syracuse, New York-based Spinoso Real Estate Group will continue serving as the property’s operating partner.
As of December 2022, Palisades Center was the 12th largest shopping center in the United States by gross leasable space. Current tenants include BJ’s Wholesale Club, Best Buy, Home Depot, Dick’s Sporting Goods, Macy’s, Burlington and Dave & Buster’s.