NYC Empire Outlets: As foreclosure process continues, many storefronts remain vacant

STATEN ISLAND, N.Y. – When Empire Outlets developers first entered into a foreclosure agreement in February 2022, lenders noted that the overall goal of the proceedings was to restructure finances, recapitalize the project and protect the shopping center’s tenants and purpose. Now, more than one year after the consensual action was filed, New York City’s first outlet mall, which was originally slated to house 100 storefronts, is approximately 60% vacant, according to the number of open businesses listed on the retail center’s website. “The foreclosure process is ongoing,” said a spokesperson for Goldman Sachs, who together with Sterling National Bank are senior lenders for the outlet mall. “Empire Outlets has played a vital role in the community during the pandemic, and we hope the project will continue to drive future economic growth.” Goldman Sachs did not respond to questions about the vacancies, only providing the statement above when asked if there were any ongoing efforts to fill empty stores. BFC Partners, the mall’s owner and operator, also declined to comment. But at the expansive 340,000-square-foot retail complex, the void of retailers is evident. To continue reading the rest of the article, please click on the source link below: https://www.silive.com/business/2023/05/nyc-empire-outlets-as-foreclosure-process-continues-many-storefronts-remain-vacant.html