New York Megamall Bonds Face Over $350 Million Loss

Bonds originally rated AAA for a New York megamall are facing losses exceeding $350 million, as the developer, Pyramid Management Group, buys back the struggling mall's mortgage for cents on the dollar.

7 Aug, 15:34 — 7 Aug, 15:34

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bloombergHigh24d ago

Once-AAA Bonds on New York Megamall Face Over $350 Million Loss

Pyramid Management Group, a shopping center developer, is buying back the mortgage on a struggling megamall it owns in Syracuse, New York, for cents on the dollar, mostly wiping out bonds that originally carried top ratings.

By Eliza Ronalds-Hannon, John Gittelsohn and Scott Carpenter

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New York Megamall Bonds Face Over $350 Million Loss

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Once-AAA Bonds on New York Megamall Face Over $350 Million Loss

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