The corporatization of Lower Manhattan? The Howard Hughes Corporation (HHC) is a collection of interesting real estate assets that was spun out of General Growth Properties (GGP) in November 2010 following GGPs reorganization in bankruptcy court. As part of the spinoff, Bill Ackman of Pershing Square became the Chairman; Pershing Square, along with Brookfield Asset Management, currently own 29% of Howard Hughes. Brookfield controls what we used to know as the World Financial Center along downtowns Hudson River waterfront. They are in the process of replacing the popular Manhattan Yacht Club with a corporate entity resembling themselves. Are there lessons to be learned here for the South Street Seaport? Are we prepared to hand over the keys to a Historic District to a corporate entity determined to monetize every square foot of the East Rivers waterfront in order to boost their share prices for shareholders?
Posted on: Thu, 18 Dec 2014 19:57:17 +0000
Trending Topics
Recently Viewed Topics
© 2015