Global InformationNew York Lesso Home information
 | This article needs to be updated. (April 2021) |
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| Location | Westbury, New York |
|---|---|
| Coordinates | 40°44′41″N 73°35′41″W / 40.744656°N 73.594838°W |
| Opening date | September 5, 1997[1] |
| Developer | Simon Property Group, Fortunoff |
| Owner | Lesso Mall Development Long Island Inc.[2] |
| No. of anchor tenants | 1 |
| No. of floors | 2 |
Lesso Home New York is a planned mixed-use development center located in Westbury, New York, on Old Country Road and Merchants Concourse (Ellison Avenue), currently owned by Lesso Mall Development Long Island Inc. The center is being built inside the mostly unoccupied Mall at the Source, which was named for its former anchor store Fortunoff (advertised as "The Source") operated until June 2009.
The mall opened in 1997, under the management of Simon Property Group. With the 2009 closures of Fortunoff, Steve and Barry's, and Circuit City, three large anchor stores had become vacant. The drop of foot traffic by the loss of the anchors has caused other stores – the three aforementioned sub-anchor chains, plus Saks Off 5th, & Forever 21 – and the entire food court – including McDonald's, Starbucks, Ranch 1 – to pull out from the mall. Simon Property Group and unnamed co-owners of the Mall at the Source defaulted on a $124 million balloon interest-only mortgage in March 2009.[3] It was purchased by a European pension fund in August 2012 and auctioned.[4] In November 2016, it was announced that the Mall at the Source would be sold and could be demolished to make way for a new mixed use development.[5]
In May 2017, Lesso Mall Development Long Island Inc. (a subsidiary of the Hong Kong listed LESSO Group) purchased the mall for $92 million.[6] On October 21, 2017, it was announced that the Mall at the Source would be redeveloped into a decoration hub for Lesso Home, which was originally scheduled to open in the fall of 2018, but has been delayed. A few retailers, The Cheesecake Factory, Dave & Buster's, and a Fortunoff outdoor furniture and jewelry store remain open during renovations.[7]
- ^ "Simon DeBartolo Group Celebrates Two Mall Openings in as Many Weeks". HighBeam Research (Press release). September 10, 1997. Archived from the original on May 16, 2011.
- ^ Morris, Keiko (July 22, 2018). "Chinese Company Tries a Fresh Concept to Revive a New York Mall". The Wall Street Journal. Retrieved 1 May 2021.
- ^ Jonas, Ilaina (March 31, 2009). "Mall partly owned by Simon Property defaults on payment". Reuters. Archived from the original on March 5, 2016.
- ^ Winzelberg, David (August 9, 2012). "Mall at the Source in Westbury to be auctioned". Long Island Business News.
- ^ Ocasio, Victor (November 7, 2016). "Agent: LI mall to be sold, could be demolished". Newsday.
- ^ Ocasio, Victor (October 16, 2017). "Source Mall to get $25 million renovation". Newsday.
- ^ Bolger, Timothy (October 20, 2017). "Lesso Home Turning Source Mall Into Decor Hub". Long Island Press. Retrieved June 20, 2018.