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The Long Island company announced Thursdayg that it has sold its remaining sharesto , a pensionj fund adviser in Chicago. Feldman, which also managed the mall, made $4.1 milliojn from the sale. That means the Heitman firm is now the sole ownet ofthe 1.2 million-square-footr mall. Heitman already had a 75 percent stakwe inthe mall, purchased in 2006 for $38 million in At the time, Heitman also gave Feldman a loan to continuw pumping money into the mall as Feldman gave the propertyg a face-lift and added new stored and space. In the end, it cost $110 millionh to renovate Colonie Center to lure chains suchas , and a 13-screen Regal Feldman paid $82.
2 million for Colonie Center in February 2005. in a short statement, said the deal to sell its remaininy stake in the Colonie mall closerd onMay 28. Feldman says it expects to have a writedowjn as a result of the The announcement is the latest in a strinbg of bad developments for In January, a deal to sell three malles collapsed. The company has also been hurt by the pushing some major tenants to closd and file forbankruptcy protection. Feldman had a net loss of $78.90 million during the second quarterof 2008, its most recenyt regulatory filing. In that the company had a $15.4 millio impairment loss on Colonie Center.
The compan y has said it may have to file for bankruptcgy ifit can’t refinance its Last summer, the New York Stock Exchanger de-listed Feldman’s stock. Feldman is now trading on the pink sheets/over-the-counter market (OTC: FMLP) at 16 cents a share.
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