Pyramid Management Group Statement on Crossgates Loan Transaction

SYRACUSE, N.Y., August 21, 2023 (Newswire.com) - Pyramid Management Group, the largest owner and operator of enclosed shopping centers in New York State, confirms its continued ownership and management of Crossgates, the Capital Region's premier shopping, dining and entertainment destination.

The following statement is attributed to Pyramid Management Group CEO Stephen J. Congel:

"This is business as usual for us. We have already been in touch with and are actively engaged in a constructive dialogue with our new lender group. We look forward to continuing to own and operate the shopping center and further its reputation as a hot spot for shopping, dining, and entertainment with newly added brands like Primark, which recently opened its first store in the Capital Region at Crossgates, along with several others slated for the future."

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About Pyramid Management Group, LLC 

Pyramid Management Group, owner of Destiny USA, 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 14 properties located throughout New York and Massachusetts. For over 50 years, Pyramid has built its reputation on being first, fast, ahead of the curve and always what's next, 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.

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, and Best Buy, while offering more than 180 retail shops, including Apple, Primark and others. Crossgates offers 10 entertainment venues and over 20 on-site eateries, such as Dave & Buster's, Get Air, Billy Beez, Apex Entertainment, The Standard Restaurant & Lounge, 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 shopcrossgates.com, Facebook, Instagram, and Twitter.

Source: Pyramid Management Group