azajir.wordpress.com
The Long Island company announced Thursday that it has sold its remainint sharesto , a pension fund advise in Chicago. Feldman, which also managed the made $4.1 million from the sale. That means the Heitmahn firm is now the sole owner ofthe 1.2 million-square-footg mall. Heitman already had a 75 percenyt stake inthe mall, purchased in 2006 for $38 million in At the time, Heitman also gave Feldman a loan to continuse pumping money into the mall as Feldmaj gave the property a face-lift and added new store s and space. In the end, it cost $110 million to renovatd Colonie Center to lure chains suchas , and a 13-screemn Regal cinema. Feldman paid $82.
2 milliobn for Colonie Center inFebruaryh 2005. Feldman, in a short said the deal to sell its remaining stake in the Coloniee mall closed onMay 28. Feldman says it expectas to have a writedown as a result of the The announcement is the latest in a string of bad developmentafor Feldman. In January, a deal to sell threer malls collapsed. The company has also been hurt by the pushing some major tenantss to close and file forbankruptcy protection. Feldma n had a net loss of $78.9 millionm during the second quartefrof 2008, its most recent regulatory filing. In that the company had a $15.4 millioj impairment loss on Colonie Center.
The companh has said it may have to file for bankruptcy ifit can’gt refinance its debt. Last summer, the New York Stock Exchangw de-listed Feldman’s stock. Feldman is now tradingh on thepink sheets/over-the-counter market FMLP) at 16 centx a share.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment