Pyramid secures $193 million for a refresh of Crossgates Mall
One of the largest malls in the Northeast is embarking on a re-tenanting program that will stock it with new retail, dining, and entertainment brands.
Syracuse-based Pyramid Management Group has secured a five-year, $193 million financing package for the 1.7 million-sq.-ft. Crossgates Mall in Albany, along with another $14 million package for upgrades on the adjacent Crossgate Commons open-air center.
“Our continued focus on strategic innovation and enhancing the overall guest experience has enabled us to secure new, long-term financing for this property,” said Pyramid’s CEO Stephen Congel. “We are committed to building on this momentum in the years to come and remain focused on sustaining the vitality, competitiveness, and market leadership of Crossgates Mall.”
Recent additions to the mall include REI Co-Op, Crunch Fitness, and Primark. Ashley Furniture is set to open at Crossgates in 2026. Other top tenants include Apple, Zara, Dave & Busters, Urban Outfitters, Lego, and Lululemon.
The Crossgate Commons power center is home to the largest Walmart Supercenter in the U.S., and also features The Home Depot, Michael’s, Urban Air, TJ Maxx, Planet Fitness, and Panera Bread.
Pyramid is also underway on more than $200 million complementary development at the properties that will include the first dual-branded Homewood Suites/Tru by Hilton hotel and two new residential developments – The Flats at Crossgates and The Apex at Crossgates.
In addition, Costco Wholesale and a state-of-the-art regional cancer care center, New York Oncology & Hematology, are both expected to open in 2026.
Anchored by Macy’s JCPenney, Dick’s Sporting Goods, Regal Cinemas with IMAX, Primark, REI Co-Op and Best Buy, Crossgates presents 180-plus retail brands, 10 entertainment venues, and over 20 on-site eateries and entertainment destinations.
Pyramid’s portfolio includes nine of the biggest malls in the Northeast’s such as Walden Galleria in Buffalo and Syracuse’s Destiny USA, one of the nation’s 10 largest malls.
