Rockland County Real Estate Shifts and the Palisades Center Sale

0:00 Speaker 1 Sunday morning. Well, let’s go up to Rockland County and with us today is Tom Osa and he is the president of the Rockland News. Well, Tom, we owe every Sunday we go to different counties. Give us an update.

0:14 What the heck is going on in Rockland County.

0:17 Speaker 2 Well, there’s a lot going on, John, thanks for having me on. The latest and the greatest right now is that the Palisades Center has been sold to these Palisades Holdings, especially through an auction that was held in New York City on February fourth. Original value was around four hundred and sixty million dollars and went for a song at

0:37 one hundred and seventy five million dollars. So without ten minutes time yeah, ten minute timeframe, approximately two hundred and ninety million dollars worth of value was just wiped out. But that doesn’t mean that the mall is going anywhere anytime soon. Multiple sources identified that the mall is going to say, at least for the time being, in the

0:59 same shape. As a matter of fact, Spinoza.

1:03 Speaker 1 Was what happened.

1:05 Speaker 2 Yeah, so BD Palisades Holdings. They ultimately obtained the note from the previous uh, the previous holders of the property, Wilmington Trust and apparently the previous management they were essentially defaulting on the debt for years and years. This had been going on through the court system, all the way through COVID and essentially Wilmington Trust. They handed over the

1:33 note to BD Palisades Holdings otherwise known as Black Diamond Capital Management, and they essentially and they’d been filing grievances with the Town of Clarkstown for over taxation. They ultimately settled on the value of the property at approximately three hundred million dollars. But then in the court auction yesterday, BD Palisades Holdings was was ultimately the winner of the auction.

1:59 Nobody else did on the property whatsoever, and within a ten minute timeframe, approximately two hundred and ninety million dollars worth the value was wiped out, at least on the book.

2:10 Speaker 1 Now, what else is going on? Is business good up in Rockland County? Is what is going on?

2:16 Speaker 2 Yeah, I’d like to say that it’s Monza Manza, as one would say, there’s a lot of activity. Residential and commercial housing has been an issue over the last several years. Obviously, a lot of migration from New York City to upstate and downstate New York. There is currently a deficit of approximately seven thousand units residential that is being addressed. Over

2:44 the last several months, there were several approvals of various properties, for instance, Impact down in Havistraw, which is going to hold approximately four hundred units. Over there. On the commercial side, you have the shops at Nanuet, which was recently purchased by Alexander Properties LLC. And it’s now being shaped into what’s known as the Nanuet Town Center, and it’s aiming

3:10 towards mixed use, transit oriented development because they’re literally about one mile away from the local train station and they have really really big plans for the property, and they’re negotiating with the town for some zoning variances so that they could do residential and commercials the beautiful property.

3:30 Speaker 1 John Now Rockland News. You’re the president of Rockland News. If somebody wants to is away from Rockland, is from Rockland Originally, you have a website they.

3:41 Speaker 2 Can go to, Yes, sir, it’s Rocklandsnews dot com. We get you know, we’re a small out there. We get about five hundred thousand views per year. Last few years we get about four million views on social and we cover a variety of issues, mostly just looking about the future trajectory Rockland. Last year our main issue was residential

4:03 and commercial housing. Now we’re getting into traffic. There’s a lot of traffic issues that are happening, a lot of accidents. Barkstown just got approved for one point eight million dollars to do some traffic overhauls on the main highways and also some studies that were federally approved.

4:21 Speaker 1 Well, tom Asa, thank you so much for coming on this Sunday morning, and if you have any big news to report, you know where to find us.

4:30 Speaker 2 Thanks John, thanks for your timing. You