Joseph Girgis says opening “Jewelers on Fifth” at Empire Outlets seemed like a no-brainer; the city’s only outlet mall right next to the Staten Island ferry and nearby what was supposed to be a giant observation wheel.

“We felt like that’s a gold mine,” Girgis said.

The mall opened in 2019 to slower than expected foot traffic, the wheel deal’s demise and then the pandemic.

“The last two-three years we [were] losing money every month. Even when they give us a break in the rent, we still losing money,” he said.

Girgis says it’s been discouraging. Efforts to lure luxury brands to the mall failed as COVID forced some stores to close. The mall went into foreclosure when developer BFC partners reportedly stopped making debt payments during the pandemic.

But Thursday, original investor Goldman Sachs scored the winning bid at auction of 10 million dollars.

“I think now if it goes back to Goldman Sachs, and they put more money and build the store g, and they give it to different management, I think they can do better,” he said.

There are currently 37 retailers at the mall compared to the 100 originally planned.

“The parking lot is full. People park and go to the ferry, then leave. There’s no much stores, no food. [If] someone comes to spend three-four hours and [they] need food, there’s no food in the mall,” he said.

He says he’s hopeful the bank will make a true investment in the space, leaving behind the tarnish of the past to make way for a brighter future.

“If I see like a big plan for the mall really a good future, probably we can take another year to try and hopefully something can happen better,” he said.

Goldman Sachs said if it won the bid there would be no disruption to tenants and adds that it wants the best outcome for Staten Island.

The city owns the land and the city’s Economic Development Corporation says the retail market bore the brunt of the COVID-19 pandemic and that the conclusion of this process will generate new opportunities and a positive outcome.