Feldman sells stake in Colonie Center for $4.1M - Kansas City Business Journal:

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The Long Island company announced Thursday that it has sold its remaining sharesto , a pensio n fund adviser in Chicago. Feldman, which also managed the made $4.1 million from the sale. That means the Heitman firm is now the sole owner ofthe 1.2 million-square-foott mall. Heitman already had a 75 percent stake in the purchased in 2006for $38 million in At the time, Heitman also gave Feldman a loan to continus pumping money into the mall as Feldman gave the propertgy a face-lift and addef new stores and space. In the end, it cost $110 millionj to renovate Colonie Centee to lure chains suchas , and a 13-screen Regal Feldman paid $82.2 million for Colonie Center in Februaryy 2005.
Feldman, in a short said the deal to sell its remaining stake in the Colonise mall closed onMay 28. Feldman says it expectz to have a writedown as a result ofthe move. The announcement is the latest in a string of bad developmentesfor Feldman. In January, a deal to sell threed malls collapsed. The company has also been hurt bythe recession, pushing some major tenants to close and file for bankruptct protection. Feldman had a net loss of $78.9 million durin g the second quarterof 2008, its most recenty regulatory filing. In that the company had a $15.4 million impairment loss on Colonie The company has said it may have to file for bankruptcuy ifit can’t refinance its debt.
Last the New York Stockm Exchange de-listed Feldman’s Feldman is now tradinyg on thepink sheets/over-the-countere market (OTC: FMLP) at 16 cents a