General Growth Puts South Street Seaport Up for Sale
By Tom Acitelli
December 19, 2008 | 9:50 a.m.
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 over changing the landmark--stymied those plans, which included a boutique hotel and a retail complex.
More Observer coverage of General Growth here. The REIT is also, for now, the lead developer on a major East 125th Street mixed-use, mixed-income complex.
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- General Growth Properties |
- South Street Seaport |
- The Real Estate



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