Black Diamond Capital Management acquires 2.3 million s/f Palisades Center

West Nyack, NY Black Diamond Capital Management made known that certain investment funds under its management have acquired Palisades Center, one of the largest shopping and entertainment destinations in the Northeast. The Black Diamond funds plan to be long-term owners of the 2.3 million s/f property and to invest in its continued evolution as a premier regional retail, dining, and entertainment destination.

Black Diamond brings a 30-year history of acquiring, investing in, and maximizing performance of underperforming assets. The firm’s investment philosophy emphasizes long-term ownership and opportunities where new capital investment and disciplined management can drive outsized returns — themes that underpin its plans for Palisades Center. Black Diamond has improved dozens of companies and assets over its history, driving best-in-class returns for its investors.

“Palisades Center is an irreplaceable asset serving one of the most affluent and densely populated trade areas in the Tri-State region,” said Stephen Deckoff, founder and managing partner of Black Diamond Capital Management. “We see significant value in this property and intend to reinvest in the center, enhance the tenant mix, and position Palisades for long term success.” 

Spinoso Real Estate Group will continue as the property’s exclusive operating partner, overseeing all aspects of property management, leasing, and related services as it has done since September 2024. Together, Black Diamond Capital Management and Spinoso Real Estate Group intend to elevate Palisades Center through thoughtful reinvestment, best-in-class operations, and a curated merchandising strategy designed to serve both the market and the modern retailer.

“Spinoso Real Estate Group has demonstrated exceptional operational discipline and leasing execution, and we are pleased to continue our partnership as we move forward,” Deckoff said.

Palisades Center attracts about 12 million visits annually, ranks among the top-performing super-regional centers in the Northeast, and serves a 70% trade area of more than 2.2 million people with an average household income of more than $150,000.

Since assuming operational responsibility in 2024, Spinoso Real Estate Group has executed a comprehensive stabilization and repositioning strategy. This work has included rebuilding the on-site leadership team, implementing institutional operating standards, restoring financial controls and reporting, re-engaging municipal stakeholders, and advancing critical capital projects.

“With a committed long-term owner and a clear vision for reinvestment and merchandising, the center is well positioned to attract the next generation of flagship retailers and experiential concepts,” said Carmen Spinoso, CEO of Spinoso Real Estate Group.