Arnot Mall in Big Flats is sold after 60 years of local ownership

The Arnot Mall in Big Flats has been sold after nearly 60 years under local ownership. Arnot Realty Corp., which opened the mall off what was then state Route 17 in Big Flats in 1967, announced the sale to Kohan Retail Investment Group of Great Neck, New York. The transaction terms were not disclosed. The Chemung County Real Property Tax Service puts the property’s market value at just over $7.3 million for 83.7 acres. In a statement, Arnot Realty President and CEO Peter N. Dugo said the company is refocusing on its core business of investing, developing and managing multi-family assets, and declined to comment on future plans.