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Empire Outlets, the ambitious mall on Staten Island, has agreed to put the property into foreclosure.
The agreement will allow the restructuring of debt on the $350 million shopping center and the lenders may take control of the property.
The 340,000-square-foot mall will remain open.
The project began missing debt payments to the New York City Economic Development Corporation in the middle of 2020, when half of its storefronts remained empty.
