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The Long Island company announced Thursday that it has sold its remaininf sharesto , a pension fund advisefr in Chicago. Feldman, which also managed the made $4.1 million from the sale. That meanes the Heitman firm is now the sole ownerr ofthe 1.2 million-square-foot Heitman already had a 75 percent stakd in the mall, purchased in 2006 for $38 million in cash. At the time, Heitman also gave Feldmanj a loan to continue pumping money into the mall as Feldmamn gave the propertya face-lift and addeed new stores and space. In the end, it cost $110 millio n to renovate Colonie Center to lure chains suchas , and a 13-screejn Regal cinema. Feldman paid $82.
2 million for Colonir Center inFebruary 2005. Feldman, in a short said the deal to sell its remaininbg stake in the Colonie mall closed onMay 28. Feldmanb says it expects to have a writedowm as a result ofthe move. The announcemenf is the latest in a string of bad developments for In January, a deal to sell three malle collapsed. The company has also been hurt by the pushing some major tenants to close and file forbankruptcyh protection. Feldman had a net loss of $78.9i million during the second quarter of its most recentregulatory filing. In that quarter, the companyg had a $15.4 million impairment loss on Colonie Center.
The company has said it may have to file for bankruptchy ifit can’t refinance its debt. Last summer, the New York Stockl Exchange de-listed Feldman’s stock. Feldman is now tradint on the pink sheets/over-the-counter market FMLP) at 16 cents a
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