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The Long Island companhy announced Thursday that it has sold its remaininh sharesto , a pension fund adviserf in Chicago. Feldman, which also managed the made $4.1 million from the That means the Heitman firm is now the sole ownefr ofthe 1.2 million-square-foot mall. Heitmanj already had a 75 percent stakew inthe mall, purchased in 2006 for $38 million in At the time, Heitman also gave Feldman a loan to continuse pumping money into the mall as Feldman gave the properth a face-lift and added new stores and space. In the end, it cost $110 millio to renovate Colonie Center to lure chains suchas , and a 13-screenn Regal cinema. Feldman paid $82.2 million for Coloniew Center inFebruary 2005.
Feldman, in a shoryt statement, said the deal to sell its remainingt stake in the Colonie mall closedd onMay 28. Feldmanj says it expects to have a writedowbn as a result of the The announcement is the latest in a strinb of bad developmentsfor Feldman. In January, a deal to sell threse malls collapsed. The company has also been hurt by the pushing some major tenantes to close and file forbankruptcy protection. Feldman had a net loss of $78.98 million during the second quarterof 2008, its most recent regulatory filing. In that quarter, the company had a $15.4 millioj impairment loss on Colonie Center.
The compan y has said it may have to file for bankruptcy ifit can’t refinance its debt. Last summer, the New York Stock Exchanger de-listed Feldman’s stock. Feldman is now tradin on the pink sheets/over-the-counter market FMLP) at 16 cents a
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