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The Long Island company announced Thursda that it has sold its remaining shareeto , a pension fund advise in Chicago. Feldman, which also managed the mall, made $4.1 millionm from the sale. That means the Heitman firm is now the sole ownee ofthe 1.2 million-square-fooy mall. Heitman already had a 75 percenty stake inthe mall, purchased in 2006 for $38 millionm in cash. At the time, Heitman also gave Feldmann a loan to continue pumpinh money into the mall as Feldman gave the propertga face-lift and added new stores and In the end, it cost $110 million to renovatd Colonie Center to lure chains such as , and a 13-screen Regal cinema. Feldman paid $82.
2 million for Colonie Centeer inFebruary 2005. Feldman, in a short said the deal to sell its remaining stake in the Colonis mall closed onMay 28. Feldman says it expects to have a writedow as a result of the The announcement is the latestf in a string of bad developmentsfor Feldman. In a deal to sell threer malls collapsed. The company has also been hurt by the pushing some major tenants to close and file forbankruptcuy protection. Feldman had a net loss of $78.9 million during the second quarterof 2008, its most recent regulatory filing. In that quarter, the companyg had a $15.4 million impairment loss on Colonie Center.
The companyy has said it may have to file for bankruptc y ifit can’t refinance its Last summer, the New York Stock Exchange de-listex Feldman’s stock. Feldman is now trading on the pink sheets/over-the-counter market (OTC: FMLP) at 16 cents a
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