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Destiny USA, Syracuse’s mammoth mall, faces a crisis of debt and uncertainty (Part 1)
Today 6:00 AM
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Destiny, New York’s biggest shopping mall, is buried in an almost-unimaginable load of debt.
Pyramid Management Group, the mall’s owner and operator, owes $715 million on the property. That has not changed much since Pyramid opened a big addition in 2012 and changed the mall’s name from Carousel Center to Destiny USA.
Meanwhile, time and some harsh changes in the retail business have pummeled Pyramid. The mall is now worth $203 million, according to a recent appraisal.
Think about it: $715 million owed on a mall worth slightly more than $200 million.
See Syracuse’s new $4,200-a-month apartments (Good Morning CNY, April 1, 2021
Updated 6:38 AM;
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An aerial view of Green Lakes State Park in Fayetteville, N.Y.
SAFE TRAVELS: Upstate New York is full of so much natural beauty, with what seems like countless parks and lakes. Throughout the state you’ll discover bright teal waters, natural swimming holes and places to kayak. Check out these 12 lakes on your next adventure. (Lauren Long photo)
What’s trending
Syracuse’s new $4,200-a-month apartments: Downtown Syracuse’s newest apartments offer sweeping views of the city, loads of amenities and rents up to $4,200 a month, believed to be the highest ever in the city. Ten-story Washington Place opened this winter at 300 E. Washington St. near Syracuse City Hall with 212 apartments that the developer, Brooklyn-based Carnegie Management, says offer “New York City style living.”
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