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Destiny USA, Syracuse’s mammoth mall, faces a crisis of debt and uncertainty (Part 1)
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Destiny, New York’s biggest shopping mall, is buried in an almost-unimaginable load of debt.
Pyramid Management Group, the mall’s owner and operator, owes $715 million on the property. That has not changed much since Pyramid opened a big addition in 2012 and changed the mall’s name from Carousel Center to Destiny USA.
Meanwhile, time and some harsh changes in the retail business have pummeled Pyramid. The mall is now worth $203 million, according to a recent appraisal.
Think about it: $715 million owed on a mall worth slightly more than $200 million.
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