Destiny USA, New York’s largest shopping mall, has defaulted on a $300 million mortgage after failing to extend its loan’s maturity date, according to financial filings. The mall’s owner, Pyramid Cos., now faces the risk of foreclosure as all outstanding debt is due immediately.
The loan, tied to the mall’s 2014 expansion, ballooned to $325.2 million due to deferred interest. Pyramid is negotiating for a possible extension to December 2025 but has offered no guarantees. Auditors warn there’s “substantial doubt” about the company’s ability to stay afloat.
The default mirrors similar financial troubles at other Pyramid-owned malls, fueled by declining foot traffic and the rise of online shopping.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].