Its Owner Bankrupt, Will South Street Seaport Become Scary Dead Mall?
Last year, when General Growth started dumping its South Street Seaport property, we noticed that they were "mired in debt." We didn't know the half of it: the company just entered the biggest real estate bankruptcy in U.S. history, pleading to discharge $27 billion in debt. They have just a few billion more than that in assets, and the sell-off is going to be hellacious, particularly in this real estate environment. The Staten Island Mall is one of General Growth's properties, and if you shudder to think what will become of it, shudder too for the Seaport -- General Growth still hasn't unloaded it, though last month they were telling people about the great offers they'd been getting on it. The company has many other significant holdings, including Boston's Fanueil Hall Marketplace. On the bright side, whatever low-rent cataclysm the Seaport will become when Family Dollar Stores takes it over will drive away the damn tourists; on the dark side -- well, same thing.
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