GGP Bankruptcy Won't Hit South St. Seaport

General Growth Properties, the 2nd largest mall operator in the country, and city officials tell the NY Times that GGP's bankruptcy filing will not affect the South Street Seaport. However, GGP "is not rushing forward with its redevelopment plan for the South Street Seaport or with a planned $700 million project in East Harlem"; its CEO Adam Metz said, "We think South Street is terrific, but ultimately, it has to make good business sense.” Funny, industry watchers tell the Star-Ledger part of GGP's problem is that it never paid down the debt from borrowing $7 billion to buy the company operated the South Street Seaport and Boston's Faneuil Hall—and then the credit markets froze! At any rate, Metz said of the ambitious seaport plans, "It has the potential to be something fabulous. We’re trying to figure out what makes most sense and what’s the right timing.”