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.” more ›

General Growth Properties, the country's 2nd biggest mall operator, filed for Chapter 11 bankruptcy in a New York court today. Bloomberg News called the filing the "biggest real estate bankruptcy in U.S. history after amassing $27 billion in debt." Dealbook explains that GGP "has been severely wounded by the recession, which has wreaked havoc upon the retailers who inhabit its more than 200 malls in 44 states. Many stores have shuttered, depriving mall operators like General Growth of revenue." The company, which points out some subsidiaries aren't part of the bankruptcy filing, will spend the time to restructure its debt and points out on its website, "Our properties will continue to operate, our employees will continue to come to work and get paid, and shoppers will continue to shop." Last December, GGP considered selling the South Street Seaport, if there was interest. more ›

Just what is going on at South Street Seaport? First it's getting redeveloped (with much resistance from the locals), and then it's being sold by the development company. Curbed explains: "Yes, troubled South Street Seaport leaseholder General Growth Properties put the Lower Manhattan megamall/tourist trap up for sale last week, seemingly putting an end to the company's desire to redevelop the historic port into a massive retail/hotel/residential thingamajig. But don't scrape together your down payment just yet! General Growth has no real plans to sell the darn thing." The Downtown Express got word from an insider, who says "the firm has been looking for investors for the Seaport for several months, and the company intends to retain the property. But since General Growth would consider selling the property if the right offer came in, the company had to say that the sale is an option, even if it’s not likely." Sounds like they're really attached to the project. more ›

The South Street Seaport redevelopment plan proposed by General Growth Properties and SHoP Architects has been panned by the community since day one, though favored by the Bloomberg administration. Curbed reports the Landmarks Preservation Commission "slapped the proposal around like an abusive drunk stepfather. The massing, scale and height of the new buildings (especially that 42-story condo/hotel on the waterfront) were deemed inappropriate for the Seaport Historic District, and the LPC was also against moving the century-old Tin Building to the end of Pier 17." There was no vote, so the application is still considered active, and the GGP declared they were "undeterred," and "remain committed to our plan to revitalize the seaport district, add necessary amenities and open space, and respect the unique historical character of this cherished neighborhood." more ›

The South Street Seaport redevelopment plan, released yesterday, is unsurprisingly being met with immediate backlash. Councilman Alan J. Gerson, who the NY Times reports has a significant voice in the approval, has stated with confidence that the plan is “certainly not going to pass in its present form.” more ›

General Growth Properties released the details of their redevelopment plan for South Street Seaport today. GGP's CEO John Bucksbaum said, "Our vision for the transformation of the Seaport is the centerpiece of GGP's commitment to New York and its residents. We are proud to work closely with the New York City Economic Development Corporation to preserve and restore the unique character of this historic area while addressing the immediate and long-term needs of Lower Manhattan's growing community." more ›