CLAY, N.Y. -- The Great Northern Mall located off of Route 31 in Clay is going to see some changes with a new developer taking the reigns.
The shopping center has officially been sold and is now under the management of a Long Island based company.
On Thursday, Mike Kohan, owner of Kohan Real Estate Investment Group, in Great Neck, confirmed his company had bought the retail space.
Kohan Real Estate is known for purchasing troubled malls and turning them around, which is exactly what Kohan is hoping to do with the Great Northern Mall.
`It`s my pleasure to be in this community and I will do my best to make that mall an exciting place to be,` Kohan told CNYCentral during a phone interview.
Kohan explained how the location, just off of 481 and Route 31, makes it prime real estate.
Kohan paid a total of $8.5 million for the property which in other words is a bargain compared to the $33 million it sold for just two years ago.
Several stores and restaurants moved out of the mall including Macy`s and Ruby Tuesdays, leaving just a handful of stores left for shoppers. However, Kohan said the mall needs an infusion of energy which he hopes to bring adding smaller local stores along with the national chains.