ROTTERDAM, N.Y. (AP) - An Albany-area mall has been sold to a private investment group for $8.5 million, less than a third of its assessed value.
Rotterdam Square Mall’s new owner, Mike Kohan of Kohan Retail Investment Group, tells the Daily Gazette of Schenectady (https://bit.ly/1dNcyE0 ) the deal was closed Thursday.
The sale price could mean less tax revenue to the Schenectady County town of Rotterdam, which assessed the value at $30 million. The previous owner, Macerich Company, had filed lawsuits challenging the assessments in 2012 and 2013.
The mall has suffered from a lower occupancy rate than other malls in Macerich’s portfolio.
The mall was slated for online auction in December at a starting bid of $2 million, but the auction was cancelled.
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