Black Diamond Capital Management announced that certain investment funds under its management have acquired Palisades Center in Nyack, N.Y., one of the largest shopping and entertainment destinations in the Northeast. Local reports place the purchase price at $175 million. The Black Diamond funds plan to be long-term owners of the 2.3 million-square-foot West Nyack property and to invest in the center.
Black Diamond brings a 30-year history of acquiring, investing in and maximizing performance of underperforming assets. The firm’s investment philosophy emphasizes long term ownership and opportunities where new capital investment and disciplined management can drive out a sized returns — themes that underpin its plans for Palisades Center. Black Diamond has improved dozens of companies and assets over its history, driving best-in-class returns for its investors.
“Palisades Center is an irreplaceable asset serving one of the most affluent and densely populated trade areas in the Tri-State region,” said Stephen H. Deckoff, founder and managing partner of Black Diamond Capital Management. “We see significant value in this property and intend to reinvest in the center, enhance the tenant mix and position Palisades for long term success.”
The acquisition is the latest chapter in a four-decade-long saga that began when Pyramid Corp. announced plans to build a $200 million mall at Routes 303 and 59 and the Thruway close to the New Jersey State Line, the site of a former municipal landfill and near a 19th century cemetery for Native Americans and African Americans. Locals expressed concerns about traffic congestion. Even so, construction was completed in 1997 in a controversial Brutalist style and the mall opened in 1998.
But rumors of structural instability plagued the four-level center, with rumors of its parking deck sinking persisting, despite strong denials from the center. A renovation in 2013 softened the exterior, and the center was fully occupied in 2017. The closure of anchor tenants JCPenney and Lord & Taylor later in the decade and temporary closure due to COVID-19 resulted in the mall’s appraisal declining to $425 million, down from $881 million in 2016. In 2023, mortgage holder Wilmington Trust filed a foreclosure complaint. Spinoso Real Estate Group came on as the exclusive operating partner in September 2024 and in October 2025 Black Diamond purchased the debt. Pyramid ceded the center completely.
Spinoso Real Estate Group will continue as the property’s exclusive operating partner. Together, Black Diamond Capital Management and Spinoso Real Estate Group intend to elevate Palisades Center through thoughtful reinvestment, best-in-class operations and a curated merchandising strategy designed to serve both the market and the modern retailer.
Spinoso has executed a comprehensive stabilization and repositioning strategy. This work has included rebuilding the on-site leadership team, implementing institutional operating standards, restoring financial controls and reporting, re-engaging municipal stakeholders, and advancing critical capital projects.
“Spinoso Real Estate Group has demonstrated exceptional operational discipline and leasing execution, and we are pleased to continue our partnership as we move forward,” Deckoff added.
Palisades Center attracts about 12 million visits annually, ranks among the top-performing super-regional centers in the Northeast, and serves a 70% trade area of more than 2.2 million people with an average household income of more than $150,000.
“With a committed long-term owner and a clear vision for reinvestment and merchandising, the center is well positioned to attract the next generation of flagship retailers and experiential concepts,” said Carmen Spinoso, CEO of Spinoso Real Estate Group
