We opened the front page of the Wall Street Journal on the N train this morning and nearly coughed up our toasted baguette and strawberry jam: Reporters Robert Frank and Kris Hudson do a thoroughly delicious job of laying out the problems facing mall owner and developer General Growth Properties.
The piece paints recently ousted chief executive John Bucksbaum, who inherited the leadership role from his father and uncle, as none-too-foward with the firm’s board, even violating General Growth policy by making private loans to two company officers and failing to inform the directors.
There’s no mention of how General Growth’s (literally) dwindling fortunes could affect its two major Manhattan projects: the South Street Seaport redevelopment and the construction of a major mixed-use project on East 125th Street. More on that in tomorrow’s print Observer.
(Added bonus on the Journal piece: It’s the first in a series called “The Fallen,” about dwindling fortunes in these difficult times.)