RCBiz reported that Black Diamond Management, through an affiliate known as BD Palisades Holdings LLC, was the sole participant in the auction. The result was not unexpected, the publication said, noting Black Diamond’s existing financial stake in the property.
According to LoHud, Black Diamond was already the most recent holder of the mall’s debt, making it the final plaintiff in the foreclosure action filed against the shopping center. Court records cited by LoHud show the property was listed at $175 million on the state Supreme Court’s Foreclosure Action Surplus Monies Form.
The sale brings to a close a foreclosure case that has moved through New York State Supreme Court in Manhattan since 2023, LoHud reported. The lawsuit stemmed from allegations that the mall’s owners defaulted on a $418.5 million loan taken out in 2016. Court papers show the final judgment in the case totaled $463,395,241.72, not including additional interest and legal costs…