Feldman Mall Properties, the struggling real estate investment trust that has lost millions of dollars in the last year and faced questions about its management strategy, said yesterday its stock has been delisted by the New York Stock Exchange.
In more fallout from the national mortgage and financial crises, Great Neck-based Feldman Mall, which owns seven shopping centers across the country - the closest to Long Island is in Colonie, near Albany - has been delisted after falling below minimum NYSE standards, the company said.
Feldman Mall said the delisting will take effect before the opening of the NYSE market on Monday, and on that day its shares will begin trading on the Over-the-Counter Market.
The company went public in December 2004, with its stock selling for $13 a share. Shares yesterday were down 6 cents, closing at $1.09. The stock is off more than 67 percent this year. Shares never went any higher than $13.