The Palisades Mall Has New Owners

The Palisades Shopping Center is one of the most popular attractions that Rockland has to offer and is a cornerstone of the community. People from all over the NYC metro area know this mall and visit it frequently, bringing in significant amounts of revenue for the county and the town of Clarkstown. In recent years, however, the future of the Palisades mall has been in question. The then owners, Pyramid Companies, seemed at a loss for what to do with the property, and began missing mortgage payments around April 2020. Following a recent foreclosure auction, the mall now has a new owner, Black Diamond Capital Management. 

This sale comes at the tired end of a foreclosure suit in which Pyramid Companies, the previous owners of the mall, were taken to court over their outstanding debt on a loan taken out in 2016 to the tune of $418,500,000. Wilmington Trust filed the complaint in 2023 due to missed mortgage payments from Pyramid Companies which resulted in its foreclosure and auction. Black Diamond has carried part of the mall’s debt since October, 2025 and was the sole bidder at the February 4th foreclosure auction. The mall was purchased at a massive discount, $175 million, though it originally appraised for $881 million in 2016 and then $425 million in 2020. 

The closure of major retailers such as Lord & Taylor and JC Penney marked a dramatic decline for the mall, as key anchor stores are a major component of any mall’s revenue and foot traffic. Black Diamond has promised to reinvest in the mall long term. 

This purchase comes at a time in our country where a focus on urbanism is on the rise. Plans to redevelop and re-zone the current open-air Nanuet Town Centre into a mixed-use residential/retail development with easy transit access via Nanuet Station are already under way as Clarkstown continues to improve its urban layout. 

The Palisades shopping center already serves as a major transportation hub both for Transport of Rockland buses as well as the Hudson Link Service. If the country makes the switch to a mixed use, transit accessible neighborhood, the Palisades Mall could become the regional hub the initial builders intended it to be. This is all speculation based on recent trends, so only time will tell what the future holds for the mall. Vacant anchor locations and closures of major stores inside the mall such as GameStop have made the revitalization of the establishment an uphill battle. Still, the mall has remained a major destination for shoppers and entertainment seekers from across the Tri-State area. With Black Diamond promising reinvestment and revitalization, we can only say good luck!