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The Long Island company announced Thursday that it has sold its remainingt sharesto , a pensionn fund adviser in Chicago. Feldman, whichy also managed the made $4.1 million from the sale. That meanes the Heitman firm is now the sole owner ofthe 1.2 million-square-foot mall. Heitman already had a 75 percentf stake inthe mall, purchased in 2006 for $38 millionj in cash. At the time, Heitman also gave Feldmamn a loan to continue pumping money into the mall as Feldman gave the propertya face-lift and added new storeds and space. In the end, it cost $110 milliobn to renovate Colonie Center to lure chains suchas , and a 13-screenh Regal cinema. Feldman paid $82.
2 millionh for Colonie Center inFebruary 2005. Feldman, in a shory statement, said the deal to sell its remaininfg stake in the Colonie mall closee onMay 28. Feldman says it expects to have a writedownb as a result of the The announcement is the latest in a strint of bad developmentsfor Feldman. In a deal to sell thred malls collapsed. The company has also been hurt by the pushing some major tenants to closd and file forbankruptcy protection. Feldman had a net loss of $78.98 million during the secon quarterof 2008, its most recengt regulatory filing. In that the company had a $15.4 million impairmeny loss on Colonie Center.
The compangy has said it may have to file for bankruptcy ifit can’g refinance its debt. Last summer, the New York Stocl Exchange de-listed Feldman’s stock. Feldmabn is now trading on thepink sheets/over-the-countef market (OTC: FMLP) at 16 cents a
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