Destiny USA: Finances and the future of New York's largest mall

The modern day shopping mall came to be in the 1950s. Anchored by large department stores, and surrounded by smaller retailers, the indoor mall also served as a social space especially for younger generations. By the 1960s, there were more than 4,500 of them.
But in recent years, e-commerce has sent their popularity on a downward trend.
In Syracuse, New York, Destiny USA’s appraised value fell from $710 million in 2014 to $203 million near the end of 2020. The mall’s overall occupancy rate fell from 85.1% in 2014 to 62.6% in November 2020.
What’s next for New York’s largest mall? Is a friendly foreclosure in the future for Destiny USA? Or will Pyramid work out a deal with lenders that allows it to continue owning and operating the mall?

[@chalelu]

Syracuse without destiny imagine…

[@chrisE815]

Just bulldoze it.

[@here-i-am2316]

Syracuse did fine before carousel

[@ericdunn6232]

Just visited there. Syracuse could be a beautiful city with a vibrant downtown in beautiful heritage buildings. Instead, it has a main street of empty buildings and run down businesses and a depressing giant out dated and semi vacant monster of a mall.

[@deersfallingdownSN]

@@ericdunn6232it’s a really good mall tho

[@dbyers3897]

I was born (1959) & raised there. Syracuse was great before all the damned malls sprang up. Now most of the malls are dead because they helped kill Syracuse. Now people come from Cortland, Weedsport & Fulton for a big shopping day. Whoopie.

[@TheCNYMike]

It's not just e-commerce. They built malls faster than the population grew. There was, simply, too many of them. Destiny did its expansion years after new mall construction stopped. I've gone to Destiny since it first opened in 1990, but this past year Amazon is my go-to for almost everything. What happens as we come out of the pandemic? Time will tell. EDIT: The thing that shocks me is that Pyramid has spent years bankrolling Save81 and opposing removing the viaduct and replacing with with the Community grid. Meanwhile, their largest property in New York has been in trouble for years. Their priorities are a little mixed up.

[@samm1462]

Brutally honest. The Congles got over on the city. Does not talk about how the mall was built on a swamp that is also a toxic waste brown field. How Pyramid owned by Congle also got a 30 year tax break in 1990, then was able to finagle another one in 2012. Also doesn’t talk about the state and local tax subsidies they received. This Mall killed all the other malls in the area and now it’s going down too.

[@ericdunn6232]

A really big con job. How stupid of a city to give support and tax breaks to something that destroys business downtown.

[@coffeekills5174]

Syracuse can't support a mall. Guess they have to go ALL THE WAY to Rochester. I feel bad for them.

[@ericdunn6232]

Just visited there. Syracuse could be a beautiful city with a vibrant downtown in beautiful heritage buildings. Instead, it has a main street of empty buildings and run down businesses and a depressing giant out dated and semi vacant monster of a mall.

[@thomasloveless4800]

New York taxed businesses and larger manufacturing companies a great deal. Said tax laws had little affect on NYC, which are largely financial firms. As a result most businesses vacated Upstate NY for cheaper real estate and less taxes. Ever since the early 90’s Upstate has been dwindling in prosperity. As for Destiny Mall, it’s a scary place now. Stabbing, shootings and a lot of gang activity. Not a good place to go.

[@J_Allen3556]

Last not underestimate the role of our melanated fellow citizens and its demise.

[@pfsalinger7195]

Remember when we were going to have Mediterranean style inner harbor ?????? What a joke

[@nataleeisjustchilling2737]

The mall owner even wanted to put a Waterpark in the mall

[@gorecki4612]

So foolish to expand, e-commerce was well established at that point

[@gkprivate433]

shopping is a dead end. People can only buy so much. People need very little of the stuff sold at a mall. That other mall in Dewitt is big and empty now. Sad if the Syracuse tax payers have to pay for this debacle.

[@chrisderda]

How come Simon malls are able to succeed? Has to do with the wealth of the people living in the region. Syracuse is a huge mall but even Palisades mall is making more money. The malls on Long Island don't have the issues Destiny has. Syracuse is a poor city and there's a lot of shoplifting and crime.

[@thomasloveless4800]

100% agree. Everyone is poor up there. No real jobs or industry, place is a mess. Great Northern Mall has closed altogether.

[@MrWatchowtnow]

Go Orangemen.

[@pfsalinger7195]

Bob Con Job