Syracuse, N.Y. – Pyramid Management Group said Thursday it has reached a deal that will allow it to continue operating western New York’s largest shopping mall while it seeks new financing for the center.
The Syracuse-based company, which counts Destiny USA among its shopping mall holdings, has been fighting a foreclosure action on the Walden Galleria filed May 29 by holders of a $220 million mortgage loan on the Buffalo area mall.
Judge Emilio Colaiacovo, of state Supreme Court in Erie County, appointed a receiver for Walden Galleria on June 5. And on July 16, he approved the appointment of Syracuse-based Spinoso Management Group to take over operation of the mall from Pyramid starting Wednesday of this week…