Pyramid Management Group Secures Loan Extension for Crossgates Mall in Albany, New York
Crossgates (Photo Credit: Pyramid Management Group)
SYRACUSE, N.Y., December 6, 2023 (VSNewsNetwork.com) - Pyramid Management Group has successfully extended the loan for its Crossgates property in Albany, NY, for an additional five years. Crossgates Mall, encompassing 1.7 million square feet, is a notable shopping center in the region, generating about $400 million in annual sales and attracting nearly 10 million visitors yearly.
This loan extension enables Pyramid Management Group to further invest in Crossgates, diversifying its tenant mix and solidifying its position as a significant shopping destination in the Capital Region. In 2023, Crossgates enhanced its retail offerings with the addition of new stores such as Primark, IT’SUGAR, Dry Goods, Gong Cha, and Emperor Garden, along with expansions and renewals from long-term tenants like Apple and Carhartt. REI has also joined the tenant lineup, planning to open its first store in the area at Crossgates.
Stephen J. Congel, CEO of Pyramid Management Group, commented on the significance of the loan extension. “Successfully extending the loan demonstrates the strength and resiliency of Pyramid and the health and vibrancy of our Crossgates property,” said Congel. “We look forward to continuing to reinvest in the ongoing redevelopment of Crossgates and furthering its reputation as a hot spot for shopping, dining, and entertainment.”
Further developments at Crossgates include the construction of 250 residential units near the mall, anticipated to open in spring 2024, addressing the demand for modern housing with easy access to mall amenities.
Additionally, Pyramid Management Group is planning to expand the area around Crossgates with the introduction of a Costco Wholesale club, set to include various facilities and services. This development, along with the upcoming opening of REI in fall 2024, is expected to increase the mall’s appeal to a wider audience.
Learn more at www.pyramidmg.com
Source: Pyramid Management Group via Newswire
