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The New York Observer

South Street Seaport Developer Replaces CEO Amid $27 B. in Debt

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October 27, 2008 | 3:23 p.m
Rendering of a redeveloped South Street Seaport.<br /> (SHoP Architects via New York Times.)
Rendering of a redeveloped South Street Seaport.
SHoP Architects via New York Times.

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 survive billions of dollars in maturing debt coming due at a time when credit markets are frozen... All told, GGP’s debt totals about $27 billion."

General Growth Properties is redeveloping the South Street Seaport, with an emphasis on more open space, new retail and a boutique hotel. Also, the Bloomberg administration earlier this month selected General Growth to lead a team to construct a 1.7 million-square-foot, mixed-use complex on East 125th Street.

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