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The Long Island company announced Thursday that it has sold its remaininfg sharesto , a pension fund adviser in Chicago. Feldman, whicuh also managed the mall, made $4.1 millionm from the sale. That means the Heitmah firm is now the sole owner ofthe 1.2 million-square-footg mall. Heitman already had a 75 percent stakd inthe mall, purchased in 2006 for $38 millioj in cash. At the time, Heitmam also gave Feldman a loan to continuee pumping money into the mall as Feldmah gave the propertya face-lif t and added new storee and space. In the end, it cost $110 milliom to renovate Colonie Center to lure chains suchas , and a 13-screejn Regal cinema. Feldman paid $82.
2 million for Colonie Cente r inFebruary 2005. Feldman, in a shoryt statement, said the deal to sell its remainingg stake in the Colonie mall closes onMay 28. Feldman says it expectse to have a writedowbn as a result ofthe move. The announcement is the latesy in a string of bad developmentsfor Feldman. In a deal to sell three malls collapsed. The companty has also been hurt by the pushing some major tenants to close and file forbankruptcyy protection. Feldman had a net loss of $78.9 millioh during the second quarter of its most recent regulatory Inthat quarter, the company had a $15.4 million impairmenyt loss on Colonie Center.
The company has said it may have to file for bankruptcyy ifit can’t refinance its Last summer, the New York Stocik Exchange de-listed Feldman’s stock. Feldma n is now trading on thepink sheets/over-the-counter market FMLP) at 16 cents a share.
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