Are These New York Malls In Danger of Closing?

Shopping malls are by no means a thing of the past but, with the emergence of online shopping, the ability to get folks out of the house to shop in person has become more challenging than ever. It can be argued that foot traffic at the traditional brick-and-mortar plazas has slowed when compared to, say a decade ago. How are New York malls faring in 2024?

It appears one of the biggest malls in the Nation, located in Central New York, has been struggling of late and they aren't the only one. Is the struggle strong enough to force these retail giants to close their doors?

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On October 15th, Destiny USA will turn 34 years old. Over the years Destiny USA, located in Syracuse, NY, has become one of the biggest malls in the United States and is currently owned by Pyramid Management Group.

According to Syracuse.com, Destiny USA is in danger of foreclosure after attempting, and failing, to secure a one-year extension of the mall's $430 million dollar overdue mortgage loans. Destiny also failed to make their required $38.9 million dollar payment that would have qualified them for the extension.

Pyramid Management Group, based out of Syracuse, recently lost control of Palisades Center Mall in West Nyack, NY and is in danger of losing ownership. Pyramid's New York properties are not the only ones struggling. According to Mass Live, Hampshire Mall in Hadley, Massachusetts started foreclosure proceeding in May of this year.

It is unlikely that these malls will go out of business but could see a change of hands in regard to ownership and/or handling of finances.