Black Diamond Capital Management has acquired Palisades Center, one of the largest shopping and entertainment destinations in the Northeast, at a foreclosure auction for a reported $175 million. The property was originally listed for $463.4 million. The Stamford, CT-based investment manager plans to be a long-term owner of the 2.3-million-square-foot complex in West Nyack, NY, which opened in 1998.
“Palisades Center is an irreplaceable asset serving one of the most affluent and densely populated trade areas in the Tri-State region,” said Stephen H. Deckoff, founder and managing partner of Black Diamond. “We see significant value in this property and intend to reinvest in the center, enhance the tenant mix and position Palisades for long term success.”
Spinoso Real Estate Group will continue as the property’s operating partner, overseeing all aspects of property management, leasing and related services, as it has done since September 2024. Since assuming operational responsibility, Spinoso has executed a comprehensive stabilization and repositioning strategy.
Photo courtesy of Spinoso Real Estate Group.
