SYRACUSE, NY — Pyramid Management Group, one of the largest, most innovative, privately-held shopping center developers in the Northeast, has successfully secured a new five-year, $193 million CMBS loan package on Crossgates Mall in Albany, New York. This new loan will allow Pyramid to continue to reinvest in the property and ensure its vitality, vibrancy, and sustained success in New York State’s Capital Region.
“Crossgates Mall continues to demonstrate exceptional strength and resilience, maintaining 90% occupancy and generating $636 in sales per square foot.” said Stephen J. Congel, Chief Executive Officer of Pyramid Management Group. “Our continued focus on strategic innovation and enhancing the overall guest experience has enabled us to successfully secure new, long-term financing for this property. 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. In the months ahead, we anticipate announcing additional retail, dining, and entertainment offerings that will further strengthen the property’s position in the region.”
In addition, Pyramid recently closed on a $13.8m CMBS loan for our adjacent property, Crossgates Commons – home to the largest Walmart Supercenter in the U.S., The Home Depot, Michael’s, Urban Air, TJ Maxx, Planet Fitness, and Panera Bread.
Crossgates Mall and the surrounding property are experiencing significant momentum. The mall recently welcomed REI Co-Op, Crunch Fitness, and Primark. Next year the mall will welcome Ashley Furniture and several more yet to be announced, exciting new tenants. These brands add to the already stellar lineup of tenants not found anywhere else in the region including Apple, Zara, Dave & Buster’s, Urban Outfitters, Lego, Lululemon and more.
Pyramid has also executed on more than $200 million of impactful complimentary development which is completed or underway including 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 offers over 180 retail brands, 10 entertainment venues and over 20 on-site eateries and entertainment destinations.
Crossgates Mall and Crossgates Commons are significant employment drivers in the region, with nearly 3,000 people employed by Pyramid and its tenants.
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About Crossgates:
Crossgates is the Capital Region’s premier shopping, dining and entertainment destination offering an impressive selection of national brands and the newest retail concepts. The center is anchored by Macy’s, JCPenney, Dick’s Sporting Goods, Primark and Best Buy, while offering more than 180 retail shops, including Apple. Crossgates offers 10 entertainment venues and over 20 on-site eateries, such as Dave & Buster’s, Get Air, Billy Beez, Apex Entertainment, Maggie McFly’s and Regal Cinemas with IMAX. Or simply relax at our award-winning day spa, Spa Mirbeau. Located adjacent to a dual-branded 192-room Homewood Suites and Tru by Hilton hotel, Crossgates is your destination to EAT. SHOP. PLAY. STAY. Additional information regarding Crossgates can be found at www.shopcrossgates.com, Facebook, Instagram, and Twitter.
About Crossgates Commons:
Crossgates Commons is market dominating power center located in Albany, NY. Conveniently situated adjacent to Crossgates Mall, the center serves as a key shopping hub for residents across the Capital Region, delivering accessibility, variety, and everyday convenience. Anchored by some of the nation’s most recognized retailers such as The Home Depot, Walmart Supercenter, TJ Maxx and Planet Fitness, Crossgates Commons continues to attract steady traffic and meet the evolving needs of today’s consumer.
About Pyramid Management Group, LLC
Pyramid Management Group is one of the largest, most innovative, privately held real estate developers in the Northeast. Headquartered in Syracuse, New York, Pyramid’s portfolio of dynamic shopping, dining and entertainment destinations and expanding hospitality presence dominate the northeast with 9 properties located throughout New York and Massachusetts including Destiny USA (Syracuse, NY), Crossgates (Albany, NY) and Walden Galleria (Buffalo, NY). For over 50 years, Pyramid has built its reputation on being first, fast, and ahead of the curve, leading the industry in combining the best elements of traditional retail with world-class dining and entertainment, all under one roof. For more information, visit www.pyramidmg.com.
