Empire Outlets Foreclosure
Posted by Tom Crimmins Realty on
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…
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