Thirty-five cents. One quarter, one dime. That’s how much—or how little—it cost to buy one share of stock in General Growth Properties at the end of trading today.
It’s been a rough year for the 54-year-old mall developer and operator as it stock has tumbled—in concert with the real estate and retail markets—from a high of $67 per share in March 2007. Yet that stock was still valued at $38 as recently as June 18, when the company announced its plans for new South Street Seaport. Even when it presented those plans to the Landmarks Preservation Commission on October 21, when the stocked closed at $4.84, GGP remained confident in the future of the project. But that was before Monday’s report in The Wall Street Journal that General Growth might file for bankruptcy. Read More
The opening yesterday in Father Duffy Square of the new TKTS booth—conceived 35 years before the current trend in pop-up venues—was attended by Mayor Bloomberg, Bernadette Peters, and loyal members of the 69th, if not the naked cowboy. Even the original designers of the red steps, Australians Tai Ropiha and John Choi, were on hand, although organizers were quick to call their competition winning design (best of 683 entries from 31 countries) of January 2000, just a concept.
Few buildings have sparked as much architectural criticism as Two Columbus Circle, the new home of the Museum of Arts and Design (MAD). Brad Cloepfil’s firm Allied Works has designed the new museum, set within the bones of Edward Durrell Stone’s old building. Critical reaction has been split, though the MAD haters seem to outnumber the fans. Read More
Last evening a crowd of one hundred or so gathered on museum mile in front of the Guggenheim Museum to mark the completion of its three-year renovation project with a champagne reception and a ceremony officiated by New York City Mayor Michael R. Bloomberg. Arriving fashionably late, Bloomberg addressed the crowd with his typical charisma, candidly remarking that the new restoration is “one of the best facelifts on 5th Avenue.” Bloomberg also stated that despite the tough financial times we have recently come upon, the City will continue investing in art and cultural institutions, like the Guggenheim. At the conclusion of Bloomberg’s speech, the official ribbon cutting ceremony revealed a large sign draped over the front exterior of the building that read, “Good As New.” Marc Steglitz, the Guggenheim Museum’s Interim Director-Elect, later commented that the building is actually “better than new,” but said that he was told that he could not say that in fear of the lurking preservationists in the crowd!