Pyramid restructures its loan on Poughkeepsie Galleria in New York
Just a week after it opened a 34,000-sq.-ft. Primark store at its Walden Galleria in Buffalo, Pyramid Management Group announced it has secured the future of another one of its big malls in New York State.
The Syracuse-based Pyramid, one of the nation’s largest privately owned developers of super-regional malls, has secured a restructuring and extension of its loan on Poughkeepsie Galleria in the state’s Hudson Valley north of New York City.
The 35-year-old, 1.2 million-sq.-ft. property is the largest mall in the region and employs more than 2,500 people. Key tenants include Macy’s, Target, Best Buy and Dick’s Sporting Goods. Poughkeepsie Galleria also features restaurants such as 110 Grill and entertainment destinations like Regal Cinemas and RPM Raceway.
“Now more than ever following challenging pandemic times, lenders and municipalities are realizing the importance of the operator behind these properties,” said Pyramid CEO Stephen Congel. “That’s precisely why the lenders are willing to work with Pyramid and why we continue to be successful in these collaborative efforts.”
Last June, Pyramid won new financing deals for three of its malls in New York: Walden Galleria, Crossgates Commons in Albany, and its largest property, Destiny USA, in Syracuse.
Destiny USA, New York’s largest mall and one of the 10 biggest in the United States, employs more than 5,000 people in the Salt City. Just six years ago, Embassy Suites built a 209-room hotel on the property to attract Canadian shoppers and Syracuse University sports fans.
Pyramid is playing a key role in Upstate New York in the aggressive American expansion of Primark, the Dublin-based, value-priced retailer that has set a target of opening 60 stores in the U.S. by 2026. Thus far, it has focused on establishing itself in the Northeast.
Primark has opened a 44,290-sq.-ft. store at Roosevelt Field in Long Island and has secured leases at Queens Center in Queens and Kings Plaza in Brooklyn. Other Northeast locations include Danbury Fair in Connecticut and Freehold Raceway Mall in New Jersey.