Not Doomed! Seaport Developer General Growth Sees Stock Jump

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 20 percent of the firm through shares and swaps, comes less than a week after a foundering General Growth hired a bankruptcy counsel and two weeks after it was dropped from the S&P 500 for a consistently low share price.

Not Doomed! Seaport Developer General Growth Sees Stock Jump