Local Mall For Sale
Will we be losing one of our biggest malls in the Capital Region? It may happen if there is no buyer. A local mall is now up for sale. It is the second largest mall in the Capital Region and now Colonie Center is up for sale. It is assessed at sixty five million dollars for tax reasons but the market value is one hundred one million.
According to the Times Union, each year, Colonie Center brings in two hundred fifty million dollars. This does not include Whole Foods and Macy's which are separately owned from the mall. These properties are worth eleven million dollars each according to the town of Colonie.
The company that owns the mall, KKR, pays the majority of taxes to the town of Colonie and the South Colonie Central Schools. It also houses the second busiest L.L. Bean store in the country. This store does twelve point four million dollars per year. Outside of New York City, Macy's in Colonie Center is the number one store doing fifty million per year.
So if you have an extra one hundred one million burning a hole in your pocket, you could be the proud owner of Colonie Center.