AMHERST, NY - The Boulevard Mall has a new owner.
According to a deed in lieu of foreclosure filed in the Erie County Clerk's Office, a Cleveland-based company called Forest City Realty, has transferred ownership of the mall to Niagara Falls Boulevard, LLC c/o LNR Partners, based in Miami, Florida.
Forest City has had a mortgage with LNR, its lender on the property. At the beginning of the year, the Buffalo News reported that the Boulevard Mall defaulted on a $92 million loan payment.
According to industry experts, what the deed in lieu of foreclosure allows Forest City to do, is not go through the foreclosure process, and instead give the property back to LNR to satisfy what they owe the company.
Although the sale price for the property is listed at $96 million, this doesn't necessarily mean it was a cash transaction, it could also have involved property of goods, or the assumption of mortgages.
Over the years, many stores have left the mall, including Sears, Aeropostale, and Gap.
2 On Your Side has reached out to Forest City and LNR for comment, but has not heard back.