Pyramid Management Group Secures Loan Extension on Crossgates in Albany, NY
SYRACUSE, N.Y., December 6, 2023 (Newswire.com) - Pyramid Management Group, one of the largest, most innovative, privately-held shopping center developers in the northeastern United States, has successfully worked with its lenders to extend the loan on its Crossgates property for five years. Crossgates is a 1.7 million-square-foot enclosed shopping center that generates approximately $400 million in annual sales with nearly 10 million visitors annually.
Crossgates continued the positive momentum in 2023 as it further enhanced its dynamic mix of merchants with the opening of several new tenants, including Primark, a European-based retailer that has swiftly grown in popularity amongst shoppers in the United States. Other new openings include IT’SUGAR, Dry Goods, Gong Cha and Emperor Garden. Additionally, long-time tenants like Apple and Carhartt continue to find tremendous success at Crossgates with new store expansions and lease extensions. What’s more, REI signed a lease to open its first store in the Capital Region at Crossgates.
In addition, construction will be starting this year on 250 residential units just steps away from Crossgates. Like most suburban markets, the next generation continues to look for modern housing that has every amenity right at their fingertips, along with easy access to their favorite places like Crossgates. The two residential complexes are slated to open in the spring of 2024.
“Successfully extending the loan demonstrates the strength and resiliency of Pyramid and health and vibrancy of our Crossgates property,” said Stephen J. Congel, Chief Executive Officer, Pyramid Management Group, owner, and operator of Crossgates. “We look forward to continue reinvesting in the ongoing redevelopment of Crossgates and furthering its reputation as a hot spot for shopping, dining, and entertainment.”
What’s Next
Looking to the future, Crossgates is working to continue to densify the area around the complex with the addition of a 163,000-square-foot Costco Wholesale club. The planned Costco will include a full store, an automotive tire installation, a liquor store, and an 18-pump fueling station. As one of the largest retailers in the nation and a store that is a highly sought-after destination, Costco will drive guests from afar right to the shopping center to experience the evolution of Crossgates first-hand.
In addition to Costco, specialty outdoor retailer REI will open at Crossgates in the fall 2024. The store will offer a wide assortment of apparel, gear, and expertise for camping, cycling, running, fitness, hiking, paddling, climbing, snow sports and more.
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 13 properties located throughout New York and Massachusetts.
Source: Pyramid Management Group
