New Chapter for Palisades Center as Black Diamond Takes Control

YS GOLD 

The long-standing financial uncertainty surrounding the Palisades Center Mall reached a definitive turning point today, February 4, 2026. Following a foreclosure auction at the New York County Courthouse, Black Diamond Capital Management has effectively taken control of the West Nyack landmark. This follows their October 2025 acquisition of the mall’s distressed $418.5 million CMBS loan, which had been in default since 2022.

In an interview with Rockland Daily, Clarkstown Supervisor George Hoehmann expressed optimism regarding the transition. He noted that the outcome was not surprising given the mall’s years of litigation and debt struggles. Hoehmann views the acquisition as a positive step, emphasizing that Black Diamond is well-capitalized and possesses a proven track record of orchestrating successful business turnarounds.

"It's a well-performing asset, and we're confident that it will have a bright future going forward," Hoehmann stated, signaling his eagerness to collaborate with the new owners.