Destiny USA, New York’s largest mall and one of the biggest in the U.S., has defaulted on a $300 million mortgage, according to Syracuse.com.
Its owner, Carousel Center Co., failed to secure an extension when the loan matured on June 6 of last year, according to recent financial filings.
The Syracuse.com report says that after failing to extend its loan maturity, Destiny USA’s $300 million mortgage is now in default, with the full balance of $325.2 million—including $25.2 million in deferred interest—immediately due, according to an independent audit.
The lender terminated its forbearance agreement, raising the threat of foreclosure, as seen with two other Pyramid-owned malls last year.
Pyramid is negotiating a deal to extend the loan to Dec. 6, 2025, in exchange for a $1.1 million “consent fee,” but auditors warn there’s no guarantee of success. As they put it: “These conditions raise substantial doubt about the company’s ability to continue as a going concern.”
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