Black Diamond Acquires Palisades Center Mall at Foreclosure Auction

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 after being 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 West Nyack, NY property, 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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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