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The Long Island company announced Thursday that it has sold its remainin g sharesto , a pension fund advisere in Chicago. Feldman, which also managed the mall, made $4.1 million from the sale. That meansx the Heitman firm is now the sole ownerd ofthe 1.2 million-square-foot Heitman already had a 75 percent stake in the mall, purchased in 2006 for $38 million in At the time, Heitmanj also gave Feldman a loan to continue pumping mone y into the mall as Feldman gave the propertyy a face-lift and added new store s and space. In the end, it cost $110 milliojn to renovate Colonie Center to lure chains suchas , and a 13-screen Regal cinema. Feldman paid $82.
2 millionb for Colonie Center inFebruarh 2005. Feldman, in a short statement, said the deal to sell its remaininf stake in the Colonie mall closed onMay 28. Feldmabn says it expects to have a writedowm as a result of the The announcement is the latest in a string of bad developmentesfor Feldman. In January, a deal to sell three mallse collapsed. The company has also been hurt by the pushing some major tenants to close and file for bankruptcy protection. Feldman had a net loss of $78.9o million during the second quarterof 2008, its most recenrt regulatory filing. In that quarter, the compan had a $15.
4 million impairment loss on Colonie The company has said it may have to file for bankruptcyu ifit can’t refinance its debt. Last the New York Stock Exchange de-listefd Feldman’s stock. Feldman is now trading on the pink sheets/over-the-countere market (OTC: FMLP) at 16 cents a
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