During visits in 2013 and 2014, I saw that more storefronts were empty and the mall was struggling. The winter of 2015 was particularly tough for Rotterdam Square Mall. In January, announcements were made that Macy's, Gap, Deb, Olympic Sports, Aeropostale and Radio Shack were closing. Then, the mall's power was cut off in February because the National Grid bill wasn't being paid.
Rotterdam Square Mall's owner, Mike Kohan, announced in March, 2015 that he may be selling the property. March dragged into April and the sale of the mall was still pending.
On June 9, it was announced that Via Properties purchased Rotterdam Square Mall.
The new owner is a Turkish-based developer of hotels, theme parks and other retail properties. A follow up news article covered proposed upgrades and a planned family entertainment zone.
A June 15, 2015 Times Union article provided details of the sale. Mike Kohan bought the mall for $8.5 million dollars in January, 2014. He sold Rotterdam Square Mall, lost at least six stores in 18 months, for $9.25 million dollars to Villa Properties.
I think that Kohan's $700,000.00 profit is in part, due to the proposed casino, about three miles away, on the Mohawk River in Schenectady. Increased tourism in Schenectady County can bring business to a reinvigorated mall.
The Macy's store is not part of the Via Properties acquisition, as Macy's owns the store and the land it sits on. Vanguard-Fine, LLC has the listing for the 120,000 square foot store.
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