After Palisades Center, 4 more Pyramid Group malls head to special servicing

The Upstate NY properties include Destiny USA, which has 2 loans with outstanding balance of $430M

New York /
Apr.April 22, 2020 05:05 PM
Clockwise from top left: Poughkeepsie Galleria, Crossgates Mall, Destiny USA and Walden Galleria (Credit: Google Maps; I Love NY; Visit Buffalo)

Clockwise from top left: Poughkeepsie Galleria, Crossgates Mall, Destiny USA and Walden Galleria (Credit: Google Maps; I Love NY; Visit Buffalo)

A quartet of Pyramid Group malls in Upstate New York have gone into special servicing after the firm requested debt service relief because of the coronavirus pandemic.

Destiny USA in Syracuse, Walden Galleria Mall in Cheektowaga, Crossgates Mall in Albany and Poughkeepsie Galleria are now all in special servicing, according to Kroll. The company’s Palisades Center mall in West Nyack went into special servicing earlier this month.

Destiny USA has a pair of mortgage loans on it with an outstanding balance of $430 million, and Walden Galleria has a single mortgage loan on it, according to Kroll.

No additional details were provided for Crossgates Mall and the Poughkeepsie Galleria, the credit rating agency said. Pre-coronavirus, the Poughkeepsie Galleria’s income had already fallen to just 88 percent of debt service.

A $388.5 million loan on the Palisades Center was transferred to special servicing because of an imminent default, according to Trepp. A source at JPMorgan said the property could go into foreclosure by mid-summer if Pyramid does not find a buyer, Several developers, investors and hedge funds have already expressed interest in buying the mall at a steep discount, according to the Rockland County Business Journal.


Related Articles

arrow_forward_ios
Estate Partners' David Aviram, FIA Capital Partners' David Goldwasser and Steve Croman (LinkedIn, Google Maps, Getty)
Steve Croman: I was duped by predatory lender
Steve Croman: I was duped by predatory lender
Sugar Hill’s David Schwartz and 4300 Broadway (TerraCRG, Google Maps)
Major landlord Sugar Hill Capital faces Washington Heights foreclosure
Major landlord Sugar Hill Capital faces Washington Heights foreclosure
Pink Stone's Richard Ohebshalom with 180 Nassau Street (Rich Ohebshalom, Google Maps, Getty)
Pink Stone faces foreclosure on DoBro rental building
Pink Stone faces foreclosure on DoBro rental building
Commercial Real Estate, Foreclosures, Housing Market, Kathy Hochul
Lawmakers push Hochul to restore foreclosure statute of limitations
Lawmakers push Hochul to restore foreclosure statute of limitations
Urban Commons' Salvatore Takoushian and 2-10 West Street (Urban Commons, StreetEasy)
Urban Commons in danger of losing FiDi hotel
Urban Commons in danger of losing FiDi hotel
Eli Karp with 271 Lenox Avenue
Judge appoints receiver on Eli Karp’s Flatbush property
Judge appoints receiver on Eli Karp’s Flatbush property
From left: Hutton Capital's Ron Friedman, BridgeCity’s Allan Lebovits, Toby Moskovits, and Heritage Partners' Michael Lichtenstein along with 225-227 Grand Street in Brooklyn (Getty, Google Maps, Hutton Capital, BridgeCity, Heritage Partners)
Moskovits, Lichtenstein lose another Williamsburg property to bankruptcy
Moskovits, Lichtenstein lose another Williamsburg property to bankruptcy
From left: Omnia Group’s David Paz and Ace Hotel’s Brad Wilson along with 225 Bowery Street (Getty, Google Maps, LinkedIn/David Paz, LinkedIn/Brad Wilson)
Bowery micro-hotel faces foreclosure, $10M judgment
Bowery micro-hotel faces foreclosure, $10M judgment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...