FOR SALE: Fingerlakes Mall goes on the market for $7M

Source: Fingerlakes Mall

The Fingerlakes Mall is officially on the market.

New York City brokerage firm Eastern Consolidated has listed the shopping center on its website here, as well as on the commercial real estate marketplace LoopNet.

The asking price is set at $7 million.

The mall is owned by Sam Abram, who is the CEO of a diamond wholesaler called Siba Corporation, according to the Auburn Citizen.

The mall was purchased for $27 million in 2006. However, it’s been a rocky road for the shopping center, which was spurred by a decline in traffic and occupancy.

When the purchase happened in 2006 — it was called an “attractive purchase.” Bass Pro Shops was added at the time, and a payment in lieu of taxes agreement with Cayuga County projected that the value of the property was grow from $4.6 million to $25 million by 2019.

Now in the fourth month of 2017 — the property has been listed and will likely see its sixth owner.

RELATED: J.C. Penney at Fingerlakes Mall will remain open

According to Cayuga County’s property records, the mall’s value is still north of $4.6 million.

Several smaller, local retailer were added to the mall — as shopping centers like this one struggle across the U.S., but those openings have faced criticism for their scattered hours of operation.

Unlike other larger shopping centers — as well as the Internet — hours of operation have been a killer for the Fingerlakes Mall.

There would be a net operating income of $540,693 for the new owners, according to East Consolidated.

Eastern Consolidated said the following in the offering memorandum:

“(The mall) represents a tremendous opportunity to redevelop a large-scale property at a strategic crossroads in the (Finger Lakes) as either a reconceived shopping destination and experience or as a completely new use.”

The mall’s management declined to comment on the potential sale after multiple media outlets requested a statement.

Also on FingerLakes1.com