So Bill Ackman’s not gonna wind up with Stuyvesant Town, even if he’ll still probably make his money back. That won’t stop him. Whatever Wily Bill wants, Wily Bill gets. If it happens to be a development site somewhere on the southeastern side of Manhattan, then so be it, Bill will find Read More
In mid-July, Bill Ackman was relaxing on Nantucket when he got a call on his cell phone. On the other end was Michael Ashner, the CEO of Boston-based Winthrop Realty Trust, who had a plan to grab control of the 11,200-apartment property that occupies a healthy 80-acre chunk of Manhattan’s East Side.
Indebted REIT General Growth Properties has hired a London-based brokerage to market the South Street Seaport, along with two other retail hubs in Boston and Baltimore.
General Growth, the nation’s second-largest mall owner, had planned to redeveloped the Seaport. A large amount of debt accumulated during the real estate boom–as well as local opposition Read More
From the Wall Street Journal this morning:
[General Growth Properties] completed $896 million of mortgage loans used to retire a $58 million bond that matured Thursday and refinance $814 million in mortgage loans maturing next year. General Growth said the loans are separate from the $900 million in debt backed by two of its Read More
General Growth Properties reportedly has until Friday to reach an agreement regarding $900 million in debt, casting further doubt on the firm’s plans to redevelop the South Street Seaport and, to a lesser extent, its plans to take part in a $700 million mixed-use development in East Harlem.
“I guess the entire community is Read More
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 Read More
Mall maker and owner General Growth Properties got the nod in the summer to redevelop the South Street Seaport with an ambitious vision that included an apartment/hotel tower, a new retail complex and a boutique hotel. In the early autumn, the city tapped General Growth to lead the development of a massive mixed-use, Read More
It may not be all gloom and doom for General Growth Properties after all. The developer of Pier 17 and the South Street Seaport and of a major mixed-use project on East 125th Street saw its share price jump on Tuesday, according to Bloomberg News.
The jump, driven by Pershing Square Capital acquiring Read More
General Growth, the Chicago-based developer aiming to redevelop the South Street Seaport and to build a 1.7 million-square-foot entertainment and housing complex in East Harlem, has hired a bankruptcy attorney, according to today’s Wall Street Journal.
While the move does not necessarily mean the mall developer plans to declare Read More
Things aren’t looking all that promising for General Growth Properties’ two Manhattan mega-projects, and not just because the company is foundering so badly that it was last week delisted from the Standard & Poor’s 500.
Though let’s not kid ourselves: A corporation in such dire straights that its stock has been deemed nearly worthless Read More