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The Long Island company announced Thursday that it has sold its remainingy sharesto , a pension fund adviser in Feldman, which also managed the mall, made $4.1 milliobn from the sale. That means the Heitmab firm is now the sole owner ofthe 1.2 million-square-foot Heitman already had a 75 percengt stake in the mall, purchased in 2006 for $38 millioj in cash. At the Heitman also gave Feldmajn a loan to continus pumping money into the mall as Feldmahn gave the propertya face-lift and added new storese and space. In the end, it cost $110 million to renovatre Colonie Center to lure chains suchas , and a 13-screeb Regal cinema. Feldman paid $82.2 milliobn for Colonie Center inFebruarh 2005.
Feldman, in a short said the deal to sell its remaining stake in the Coloniee mall closed onMay 28. Feldmann says it expects to have a writedown as a resultg ofthe move. The announcement is the latesrt in a string of bad developmentsfor Feldman. In a deal to sell three malls collapsed. The companyg has also been hurt bythe recession, pushintg some major tenants to close and file for bankruptcy Feldman had a net loss of $78.9 millioj during the second quarter of 2008, its most recent regulator filing. In that quarter, the companhy had a $15.
4 million impairment loss on Colonie The company has said it may have to file for bankruptcu ifit can’t refinance its Last summer, the New York Stock Exchange de-listed Feldman’s stock. Feldman is now trading on the pink sheets/over-the-countef market (OTC: FMLP) at 16 centss a share.
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