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New York’s Largest Mall, Destiny USA, In Default On $300M Loan As Larger Trouble Looms

An aerial view of the 2.4M SF Destiny USA mall in Syracuse, New York The owner of the 2.4M SF Destiny USA, New York’s largest mall, has defaulted on a $300M mortgage on the property.  An independent auditor's report, presented with the most recent financial statements of parent company Pyramid Management Group, says, “These conditions raise substantial doubt about the company’s ability to continue as a going concern,” Syracuse.com reported.  The default happened when Carousel Center Co., the Pyramid Management Group entity that owns the original part of the mall, didn't lock in an extension on...
USA Property

New York’s Largest Mall, Destiny USA, In Default On $300M Loan As Larger Trouble Looms

An aerial view of the 2.4M SF Destiny USA mall in Syracuse, New York The owner of the 2.4M SF Destiny USA, New York’s largest mall, has defaulted on a $300M mortgage on the property.  An independent auditor's report, presented with the most recent financial statements of parent company Pyramid Management Group, says, “These conditions raise substantial doubt about the company’s ability to continue as a going concern,” Syracuse.com reported.  The default happened when Carousel Center Co., the Pyramid Management Group entity that owns the original part of the mall, didn't lock in an extension on...
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New York leaders vow to protect CHIPS Act investments amid Trump’s call for funding cuts

CAPITAL REGION, NY (WRGB) — There are questions about the future of jobs in New York created by the CHIPS and Science Act.Tuesday night in his address to Congress President Trump asked for the money to go elsewhere.The funding has become a multi-billion dollar investment in New York.“Your CHIPS act is a horrible, horrible thing; you should get rid of the CHIPS Act, and whatever is left over, Mr. Speaker, you should use it to reduce debt,” said President Trump.Meanwhile, Democratic lawmakers from New York disagree.“That's a major issue for...
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