Spinoso to continue operating the recently acquired Palisades Center
Black Diamond Capital Management — which this month acquired the 2.3 million-sq.-ft Palisades Center in the New York Metro — has announced that it will retain its third-party operator, Spinoso Real Estate Group.
Black Diamond spent $175 million for the property as the lone bidder at a foreclosure auction.
In a press release, the international real estate investment company stated that it and Spinoso “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 will continue as the property’s exclusive operating partner, overseeing all aspects of property management, leasing, and related services.
“Spinoso Real Estate Group has demonstrated exceptional operational discipline and leasing execution, and we are pleased to continue our partnership as we move forward,” commented Black Diamond’s founder and managing partner, Stephen H. Deckoff.
Since assuming operational responsibility of Palisades Center in 2024, 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 advancing critical capital projects, according to the release.
Palisades Center, which attracts about 12 million visits annually, ranks among the top-performing super-regional centers in the Northeast. It serves a trade area of more than 2.2 million people with an average household income of more than $150,000.
The four-story mall, located 12 miles from the Mario Cuomo Bridge off Interstate 287, houses more than 200 tenants. It has 8,500 parking spaces and 40 escalators.
Significant features of the center include a 2,000-sq.-ft. food hall with a dozen quick-service restaurants, a double-decker Venetian Ferris wheel, and a 21-screen AMC movie theater. Its fourth-floor ice rink serves as the site for local hockey teams and welcomes guests, as well.
“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.
