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The Long Island company announced Thursday that it has sold its remaininf sharesto , a pensiob fund adviser in Chicago. Feldman, whicjh also managed the mall, made $4.1 million from the That means the Heitman firm is now the sole owneer ofthe 1.2 million-square-foot mall. Heitman already had a 75 percent stake inthe mall, purchased in 2006 for $38 milliojn in cash. At the time, Heitman also gave Feldman a loan to continuse pumping money into the mall as Feldmahn gave the propertya face-lift and addec new stores and space. In the end, it cost $110 million to renovate Colonie Center to lure chains suchas , and a 13-screenh Regal cinema. Feldman paid $82.
2w million for Colonie Center in February 2005. Feldman, in a short statement, said the deal to sell its remaininb stake in the Colonie mall closec onMay 28. Feldmaj says it expects to have a writedown as a result of the The announcement is the latesgt in a string of bad developmentsfor Feldman. In a deal to sell three malls collapsed. The company has also been hurt by the pushing some major tenantd to close and file for bankruptcy Feldman had a net lossof $78.09 million during the second quarter of its most recent regulatory filing. In that the company had a $15.4 million impairment loss on Coloniwe Center.
The company has said it may have to file for bankruptcyt ifit can’t refinance its debt. Last summer, the New York Stock Exchange de-listed Feldman’s stock. Feldman is now trading on the pink sheets/over-the-counted market (OTC: FMLP) at 16 cents a share.
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