GUILDERLAND — Crossgates Mall has received a reprieve on tens of millions of dollars in mortgage payments. 

The embattled mall’s parent company, Pyramid Management Group, made the announcement in a Thursday press release, stating “it had  successfully worked with its lenders to extend the loan on its Crossgates property for five years.”

Control of the 1.7-million square-foot shopping center remained in Pyramid’s hands after it defaulted on the mall’s $242 million mortgage in May; the loans were subsequently placed up for auction. 

Real-estate data firm Trepp reported in August that the loans were sold for nearly $174 million, which, after subtracting $29.6 million in liquidation expenses, left $144 million in net proceeds — an approximately $98 million loss for bondholders.

In July 2020, amid the early months of the pandemic, Crossgates’ appraised value was lowered from $470 million to $281 million. This March, that number was lowered once again, this time to $167 million.

Crossgates, according to Pyramid’s release, generates about $400 million in annual sales and has nearly 10 million visitors each year.

With the bankers on the backburner, Pyramid can now focus on the courtroom, where it’s battling its assessment and the fifth attempt to stop the building of a Costco Wholesale.

In July, Crossgates filed its fourth Article 7 petition against Guilderland in as many years, seeking to lower its property assessment, which would, in turn, reduce its tax bill.

In the tax lawsuit, Crossgates requested that an Albany County court decrease its assessed value from $234.2 million to $102 million. 

The lawsuit was filed by three Pyramid-affiliated LLCs — Crossgates Mall General Company NewCo, Crossgates Mall DevCo, and PCC NewCo. 

The entities own the seven parcels that make up Crossgates’ footprint, and collectively paid $6.1 million in taxes to the town of Guilderland, its special districts, school system, and Albany County during tax year 2023.

The mall argued that its assessed value should be reduced by more than 56 percent due to various factors, including the ongoing impact of e-commerce on its physical stores, declining sales and rent, and increased vacancies resulting from bankruptcies and store closures. 

In its Thursday release, Pyramid highlighted multiple new openings at the mall, including Primark, IT’SUGAR, Dry Goods, Gong Cha and Emperor Garden, and REI. “Additionally, long-time tenants like Apple and Carhartt continue to find tremendous success at Crossgates with new store expansions and lease extensions,” the company stated. 

This summer, two more lawsuits were filed to stop construction of a town-approved Costco on Western Avenue.

All five lawsuits to halt building have been filed by mostly the same group. The latest two include: 1667 Western Ave., LLC, a Stewart’s Shop selling Mobil gasoline, and Thomas and Lisa Hart, who is currently a member of the Guilderland Comprehensive Plan Update Committee. 

The June lawsuit alleges a number of problems with the project approval process, like the zoning board failing to meet as a body to schedule an April 2023 public hearing, which it claims rendered void the May resolutions approving Costco’s special-use permit. 

The fifth lawsuit, filed in September, seeks to annul the August decision by the Guilderland Industrial Development Agency to allow Pyramid to acquire by eminent domain roadways where it plans to build Costco.