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11/18/2020

NYC’s Queens Center Mall returns from special servicing

Al Urbanski
Real Estate Editor & Manager
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Macerich has caught up with special servicing terms on Queens Center and has renovated its sanitation and air filtration systems for holiday traffic.

One of big mall owner Macerich’s chief properties, the million-sq.-ft. Queens Center Mall that serves as that New York City borough’s retail nexus, has emerged from special servicing brought upon by the pandemic downturn.

Macerich caught up with the monthly payments on its $600 million loan as well as repayment amounts required under its standstill agreement, according to a report in The Real Deal. In its second-quarter earnings report, Macerich filed a loss of $26.7 million.

Queens Center re-opened in September after being re-outfitted with hospital-grade filtration systems, higher quality HVAC systems, and electrostatic sprayers that allow sanitizing chemicals to adhere to surfaces longer. 

“Going into the holiday season, we have completely changed our marketing strategy at Queens Center and Kings Plaza in Brooklyn,” said Macerich’s head of marketing Kurt Ivey.  “Historically, we’ve been obsessed with driving big, big crowds, but that’s not our intent this year. We want shoppers to know we have created clean, sanitized environments that they can safely spend time in.”