Possible insight into the Seaport owner’s plans to develop the area?
April 10, 2011 § Leave a comment
Found this letter to the shareholders of the Howard Hughes Corporation, April 7, 2011:
It’s mostly business talk, but the company’s Chairman uses the South Street Seaport as an example of one of their “more valuable assets” whose potential as a real estate cash cow is not being fully tapped. The area made $5m last year, but he believes it could return more like $100m. In fact, the company “discontinued granting long-term leases to tenants as it prepared the property for a major redevelopment.” I’m not certain which properties they own (not Bowne or the Museum, I don’t think, since it appears the city may own those?), but if I were a local business owner, I would worry about my own lease going up, or being terminated, in a ripple effect. – LKN