Landlords in the Lower Hudson Valley are finding that the governor’s restrictions on the retail industry during the coronavirus pandemic fail to account for their outstanding bills.

In West Nyack, the owners of the Palisades Mall, Pyramid Management Group, have seen stores furlough employees and shutter their doors while the company itself missed a payment toward its $389 million mortgage on April 9.

Pyramid’s missed payment moved the mortgage to a special servicer — Wells Fargo — tasked to work with the borrower to make up the outstanding balance.

Trepp, an analyst firm in commercial real estate finance, cited an ‘Imminent Monetary Default’ made Wells Fargo the special servicer of the loan.

Manus Clancy of Trepp says Pyramid is part of a bigger trend in commercial mortgage delinquencies during the coronavirus pandemic.

“We’ve seen a big uptick in (retail) borrowers that missed their April payments or chose not to make their April payments… that number went from what is normally like a 1.7% to more like 10%,” Manus told The Journal News/lohud.

Manus said the governor’s executive order limiting the retail and hospitality industries during the pandemic presents a challenge for the commercial real estate sector while having an accentuated effect on regional malls.

Regional malls like the Palisades Center, he says, were in a decline prior to the pandemic. So the coronavirus has accelerated their decline, Manus said.

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“For the (regional malls) that were already struggling to make ends meet month after month — that they were just kind of breaking even — this will probably hasten their decline and bump up the numbers of defaults we see.”

According to Zara, the New York State Worker and Retraining Notification system, Abercrombie & Fitch and Charlotte Russe, to name two retailers, opted to shutter their doors at the Palisades Center in recent weeks.

Mario Marroquin covers real estate and economic development. Click here to see his latest stories. He can be reached at mmarroquin@gannett.com or @mars3vega