Chautauqua Mall Sold For $6M To NY-Based Investment Group
The cost of what the Chautauqua Mall sold for has been revealed.
The Post-Journal and OBSERVER have been analyzing real estates sales in Chautauqua County and recently looked at the sales from Sept. 16-30.
During that time period, Chautauqua Mall LLC of Columbus, Ohio sold 318 East Fairmount Ave., Lakewood, to Chautauqua Mall Realty Holdings, LLC of Great Neck, NY for $6 million. The Chautauqua Mall website lists Kohan Retail Investment Group as the new owner.
The Post-Journal/OBSERVER previously reported the sale Jan. 10. Kohan Retail Investment Group now owns roughly 70 malls across the country, including the McKinley Mall in Buffalo. Kohan purchased the Chautauqua Mall from the Washington Prime Group, which was formed in 2014 following a spinoff from the Simon Property Group.
Washington Prime operates about 100 malls across the country, but the months since the company emerged from bankruptcy have seen its property portfolio decrease. Washington Prime filed for bankruptcy on June 13, 2021. Many of its properties were already weakened as consumers began shopping more online and less in brick-and-mortar stores.
Then, the COVID-19 pandemic led many malls to be closed, including for a time in New York state, and crippled revenue streams for Washington Prime. The company emerged from bankruptcy in October 2021 with its debt reduced by nearly $1 billion. It now operates as a private holding company with majority ownership by SVPGlobal, which had been Washington Prime’s biggest creditor when the bankruptcy filing began.
There was another seven-digit sale from Sept. 16-30. Lawrence and Daryl Spacciapolli sold 373 Fairmount Ave., Lakewood, to JSEK West Seneca, LLC of Elma, NY for $1.3 million. This is the location of the former Larry Spacc Lakewood Resale.
Joseph Spino of Elma is looking to build a Blue Buffalo Car Wash at that address. Site plans previously submitted to the Lakewood Village Board call for the removal of the building on the property and construction of a new 3,150 square foot facility.
The village board held a public hearing on the project Aug. 22. Afterward, village officials approved the site plan review of the project.