East Harlem

General Growth, the Chicago-based developer aiming to redevelop the South Street Seaport and to build a 1.7 million-square-foot entertainment and housing complex in East Harlem, has hired a bankruptcy attorney, according to today's Wall Street Journal.

While the move does not necessarily mean the mall developer plans to declare bankruptcy, it is yet another reflection of its shaky finances. General Growth is struggling to service a staggering $27 billion in debt accrued during a recent acquisition spree.  read more »

On Tuesday, Jonathan Rose Companies broke ground on the first affordable housing and mixed-income apartment building in East Harlem developed to LEED Silver standards. Called Tapestry, the 12-story, 185-unit building, with 8,000 square feet of ground-floor retail, will rise at 124th Street and Second Avenue, at the base of what's becoming today officially the Robert F. Kennedy Bridge.

The Observer sat down wih Jonathan Rose in September of 2007 to talk about green development.

"I don’t think the green movement is seen as being crunchy granola and wearing Birkenstocks," Mr. Rose said then. "I think the green movement is taken seriously in the investment world."  read more »

A leader of the consortium selected by city officials to build a mixed-use development on East 125th Street in Harlem has been dropped from the S&P 500 because its shares are virtually worthless, according to an article in today's Wall Street Journal:

The latest meltdown in shares of mall and industrial REITs underscores the concern over a sharp, global economic slowdown in the wake of more dismal news from the retail sector.

Real-estate investment trusts faced more selling pressure Wednesday after another company cut its dividend to save capital and one of the nation's largest mall operators, General Growth Properties Inc., was dropped from the S&P 500 Index after the stock lost virtually all its value.  read more »

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From this week's Village Voice, regarding poet Langston Hughes' old brownstone on East 127th Street:

But finding any other evidence there of the acclaimed poet's contributions to American literature and the Harlem Renaissance is more difficult. Although the brownstone where Hughes spent the last 20 years of his life has been landmarked since 1981, it's privately owned and not open to the public. At least, that is, since April, when the current owner, a physician named Beverly Prince, evicted tenants who had started a nonprofit dedicated to Hughes's memory. Now, not only does the public no longer have access to the house, but the two sides are suing each other. In the meantime, the house stands empty, except for Prince's son, Michael, who is living in the basement.

The winner of the most amusing marketing campaign of the week goes to 1200 Fifth Avenue, listed by the Corcoran Group.

Perhaps to counter the stigma of the building's “less than perfect 10029 zipcode” in East Harlem, Corcoran has unrolled a sort of "if you need to ask how much, you can’t afford it” advertising campaign.

See the fourth line of this recent ad in Sunday's Times (above): “Priced As You Might Imagine.”

Like 1200 Fifth Avenue’s website, which throws around Upper East Side buzz words like Fifth Avenue, the Central Park Conservancy, and Museum Mile with abandon, the ad avoids the “H” word at all costs.  read more »

"$1,200 is the average -- I'm selling for half!"

Michael Waldman might sound like a used-car salesman. He's not. He sells motorcycles. He's also a developer.

Last week, Mr. Waldman unveiled his new 30-unit luxury condo complex in East Harlem called The Bridges during a splashy gala featuring Cuban cuisine and Brazilian dancers.

In between mojitos, The Observer sat down with Mr. Waldman and talked about pricing. Or, at least, he did.  read more »