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 Read More
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 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 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
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 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 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
A debt load of $27 billion could doom General Growth Properties, the mall-making conglomerate that’s redeveloping the South Street Seaport and leading the development of a large East Harlem project. According to the Wall Street Journal this morning, General Growth’s failure to refinance or to extend $1 billion in debt due this month Read More
From Commercial Property News: "On the heels of suspension of dividend payments and the replacement of the company’s CFO at the beginning of October, Chicago-based REIT General Growth Properties Inc. has shaken up management and announced intentions to market certain Las Vegas properties. All of these efforts are designed to help the company Read More