‘Dying’ New York Malls Becoming ‘Live/Work/Play’ Destinations’
"Innovative" plans are transforming malls in New York and the Hudson Valley into "live/work/play destinations.
On Wednesday, Pyramid Management Group, one of the largest private real estate developers in the Northeast, announced progress on its long-term plan to bring what the company says are "innovative and diversified offerings such as residential housing within the orbit of the company’s enclosed shopping centers."
Pyramid Management Group owns a number of malls in New York and the Hudson Valley.
“Staying ahead of the curve is the key to our success and resilience as a company," Pyramid Management Group Stephen J. Congel stated. “The development of a residential complex is really just the beginning of a much broader, portfolio-wide diversification strategy to bring popular, exciting new uses into the mix with our existing assets. We are pleased to be moving forward with other residential projects across our portfolio."
Progress Made At Galleria at Crystal Run Property in Wallkill, New York
Pyramid Management Group confirmed on Wednesday that progress is being made to build a new 224-unit market-rate residential complex, called “The Galleria Residences" which is being built on five acres of land directly across from the Galleria at Crystal Run.
"The development will feature a direct walkway connection to the Galleria at Crystal Run, feature four stories and underground parking as well as one acre of recreational space with a patio and pool for barbecues, relaxing and more. The amenity-rich building also features a rooftop lounge and dog park," Pyramid Management Group stated.
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'Live/Work/Play Destination' Coming To Middletown, New York Mall
Pyramid Management Group is working with Long-Island-based Eliviat Group on the $40 million project. The project is scheduled to break ground later this year, with an expected completion date of June 2024. Officials are calling the development a "live/work/play destination."
"The popularity of live/work/play destinations continues to increase among the U.S. population, and especially within the Millennial and Empty Nester demographics," Pyramid Management Group said.
Malls in Syracuse, New York and Albany, New York Enhanced
“The Galleria Residences" at the Galleria at Crystal Run is following similar successful straighties that Prymid has used at malls in Syracuse, New York and Albany, New York, officials say.
"The Galleria at Crystal Run (will) follow a similar diversification strategy successfully executed by Pyramid that also brought the addition of hospitality to its Destiny USA flagship property in Syracuse, New York, and Crossgates in Albany, New York," Pyramid Management Group added.
The Pyramid Management Group owns and operates malls in Poughkeepsie, Middletown, West Nyack, Plattsburgh, Syracuse, Watertown, New Hartford, Buffalo and two in Albany. Below are photos of what the apartments could look like.