NYC’s First Outlet Mall; BFC’s Empire Outlets, heads into Foreclosure
Empire Outlets is an outdoor retail mall on Staten Island's north shore. It boasts an oceanfront view and is directly next to the ferry. Unfortunately, the BFC partners and major lenders at Goldman Sachs and Sterling National Bank have all decided to foreclose on the property.
The 340,000-square-foot mall will remain open for the time being, but due to the pandemic, the project began missing loan repayments to the New York City Economic Development Corporation around the midpoint of 2020, with more than half of its storefronts remaining vacant and ferry rides to the island at an all-time low, down 65 percent from the previous year.
While the empire outlets may appear to have fallen due to the pandemic, there were other failures and retail challenges on Staten Island's north shore. Some instances include plans to erect the world's largest Ferris wheel on Staten Island, which fell through owing to construction issues just before the pandemic struck. The New York Yankees ended their affiliation with the minor-league Staten Island Yankees, who had previously occupied the Giuliani administration's ballpark.
For everyone concerned, going into foreclosure on the Empire outlets will be the wisest option. The debt on the 350 million Dollar Shopping Center will be restructured as a result of the arrangement. However, BFC will lose control of the pandemic plague project as a result of this. At the end of the year-long procedure, the lenders may make a bid for ownership of the property.
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