Pyramid continues to sell off assets

The Enterprise — Elizabeth Floyd Mair
The Tru by Hilton hotel and extended-stay Homewood Suites on Western Avenue in Guilderland were opened by Crossgates Mall parent company Pyramid Management Group in 2018. The hotel was sold recently for over $20 million.

GUILDERLAND — For the third time in as many months Pyramid Management Group has unloaded another one of its properties near Crossgates Mall. 

The latest is the sale of the 192-room dual-branded Hilton hotel the company opened in 2018. 

Albany H&S Hospitality, a limited-liability company incorporated in New York State on June 29 and owned by a Maine-based group with a portfolio of two-dozen hotels mostly in New England, received a $21.84 million loan to buy the 4.4-acre property on July 12, according to Albany County Clerk’s Office records. 

The Albany Business Review first reported the sale. 

Pyramid’s filings with the clerk’s office show the company paid off the remainder of a $17.4 million mortgage from 2017 on July 11. 

The specific sale price was not immediately disclosed with the clerk’s office. 

Last month, a project the company had guided through two years of legal wrangling got a new owner when Pyramid sold a nearly 20-acre parcel on the Macy’s end of Crossgates Mall for $5.43 million to the United Group of Companies out of Troy.

Previously called Pyramid’s Rapp Road residential project, the 222-unit proposal is now known as The Apex at Crossgates, which has already had one public hearing and is set for another on Aug. 10.

The project has a projected cost of $40 million, according to one online bid site, which says construction is anticipated to start in November. 

In May, Pyramid sold a 1.5-acre parcel of land bounded on two sides by Crossgates Mall Road, by the Hilton’s driveway on another, and by the hotel itself on the remaining side. 

The plan is for Viscusi Builders, which paid $605,000 for the property, to put 24 apartments on the site. 

In May, an appeals court ruled in favor of Guilderland and Pyramid in lawsuits filed over the Rapp Road development project and a proposed Costco Wholesale on Western Avenue. It was the second time in less than a year that the appeals court sided with the town and company. 

As of May, Pyramid was still the developer of the Costco site.

The next step in the process, according to Town Supervisor Peter Barber, is a review of Costco’s special-use permit application. 

The town’s zoning board is the lead agency on the Costco project. 

 The project, which was submitted to the town in 2019, has already been OK’d by the Albany County Planning Board, occasionally a minor hurdle toward local project passage because its disapproval means a supermajority of the local planning or zoning board is needed for final approval. 

The project timeline, according to the bid site, places Costco’s expected construction start date some time in April 2023. The 158,000-square-foot store with 700 parking spots and an on-site gas station has an estimated cost of $20 million.  

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