'We learned today that Mazza Gallerie in Friendship Heights has been put up for auction as a foreclosure. As first reported by the Washington Business Journal and Bisnow Washington, the owner of the property estimates to have lost around $533 million in revenue due to the current COVID crisis.
Mazza Gallerie, located in Friendship Heights, is technically on the Washington, DC side of town. Currently, the stores in the mall include Neiman Marcus, Saks Fifth Avenue, TJ Maxx, and an AMC movie theatre– most of which are temporarily closed at the moment. Back in May, Neiman Marcus announced bankruptcy; there is speculation that this is a contributing factor to the current sale of the mall.
Featured photo courtesy of the Mazza Gallerie website.
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Saks Fifth Avenue is not in the Mazza Galerie, Mall
Actually yes. The Saks Men’s Shop is located in the Mazza Gallerie.
The entire Men’s Department of Saks Fifth Avenue was located at Mazza Gallerie
The lost revenue number is invented out of whole cloth. Are they expecting us to believe that the monthly rent revenues at Mazza Gallerie are $100 million per month? $1.2 billion per year on a 400k sq ft mall would be $3,000 per foot. Um, no.
so does this mean the AMC theaters are also closing permanently ?
Mazza Gallerie’s decline started way before Covid. The two previous owners tried to add six floors of condos. A plan that was repeatedly blocked by Neimans. After repeated misleading tenants there was a mass exodus
William Sonoma, Pottery barn and Pampillonia all left for Bethesda. Other tenants just left sick of the poor management and broken promises