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spmahn t1_j2vcg16 wrote

Reply to comment by johnsonutah in Westfield Trumbull mall sold as part of deal worth $196 million by jaydecay123

Most likely they let it decay to the point where most of the tenants leave and then they sell the property to someone who will retrofit it into alternative use, either apartments, medical buildings, office space, etc.

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srddave t1_j2vedzc wrote

Yeah Namdar means the mall is done or is well on its way to being done. I guess the SoNo collection is attracting people away. This never really struck me as a great mall anyway. When I lived in Fairfield, we would always go to the CT Post Mall.

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johnsonutah t1_j2wm5ic wrote

I just don’t understand how a dilapidated building would sell for more later down the line than it would today. The investor who would buy to retrofit could’ve bought it today…why would they buy it later for more

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DanHassler0 t1_j323ioj wrote

It won't. Someone else suggested they use some sketchy financials and tax schemes to make some money.

They also buy these dirt cheap. When the mall owners want out quick that's where Namdar and others jump in. This land is somewhat valuable so they won't lose tons of money when they sell it anyways.

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