UPTOWNflavor

Earlier we covered the approval of a large mixed-use project on East 125th Street.  Since then the project has won its City Council approvals and NYC’s Economic Development Corporation has selected a developer for the project.  General Growth Properties the developer who runs South Street Seaport won the bid to build the complex with retail, a hotel, office space, and 600 units of affordable housing. 

Crain’s New York points out that the company may be – along with everyone else – in a financial bind.  They were the biggest loser in Tuesday’s stock plunge with stock in the company down to $3.25 a share from its 52-week high of a $57.84 on fears of possible bankruptcy.  Seems they have every reason to try and make the 700 million dollar project work by the city’s groundbreaking deadline in 2009.

City Taps Developers for East Harlem Project- Crain’s New York

Here’s the New Look E. 125th Street – Curbed