Pandemic Caused Some Mall Values to Drop by 70%: Data

Originally published on October 20, 2021, by Joy Wiltermuth for

Here comes more trouble for embattled U.S. shopping malls.

New York’s biggest shopping center, Destiny USA, a lakeside mega mall that helped transform Syracuse’s formerly polluted and downtrodden industrial Oil City neighborhood 30 years ago, has seen its share of ups and downs.

Now, the roughly 2.4 million square foot shopping, hotel and entertainment complex might be best known in debt circles for having lost a stunning $500 million, or 71%, of its value since 2014, when the property was financed last, according to data from commercial real estate analytics platform CRED iQ.

It’s far from alone. A turbulent chapter for many of America’s malls has begun to unfold, a decade since a flood of property owners tapped Wall Street for debt that was relatively cheap and easy to come by, but no longer.

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