Not a surprise but given the stock’s reaction, it seems the market may have doubted this was gonna happen…not bad for an asset they bought and sold in less than a year…
Why? The Chinese are going to put a mega structure on the site further increasing customer traffic to the Pier 17 being redeveloped by HHC.
The Release:
THE HOWARD HUGHES CORPORATION® COMPLETES SALE OF 80 SOUTH STREET
China Oceanwide Holdings Closes on Prime Lower Manhattan Development Site for $390 Million
NEW YORK (March 16, 2016) – The Howard Hughes Corporation® (NYSE: HHC) announced today the closing of the sale of 80 South Street to China Oceanwide Holdings for $390 million. The company expects to recognize a pre-tax gain of approximately $140 million during the quarter ended March 31, 2016. The 42,694 square foot zoning lot adjacent to the Historic District at the Seaport is capable of supporting 817,784 square feet of fully entitled development rights.
“We are pleased to be welcoming our friends at China Oceanwide to the neighborhood and excited about the impact their building will have on the Seaport District,” said David R. Weinreb, Chief Executive Officer for The Howard Hughes Corporation. “This transaction is another sign that the Seaport District, with its unmatched views and distinct sense of place, is gaining recognition as one of the city’s hot spots.”
The revitalized Seaport District will encompass seven buildings on several city blocks totaling more than 365,000 square feet filled with cutting edge dining, shopping, entertainment and cultural offerings that will make the district one of New York City’s premier destinations.
About The Seaport District
The Seaport District, New York City’s oldest new neighborhood, is located on the East River in Lower Manhattan with unparalleled views of the Brooklyn Bridge, Statue of Liberty and the city’s iconic skyline. The rich history as New York’s original commercial hub and its storied waterfront location make the Seaport District one of New York City’s most unique settings. Travel+Leisure recently named the Seaport the 22nd most visited tourist attraction in the world. The Seaport District is being revitalized by The Howard Hughes Corporation into a top destination in New York City for unique culinary, fashion, entertainment and cultural experiences. An essential part of New York for over 300 years, the re-envisioned Seaport District will continue to function as a much-needed community anchor for the rapidly growing population of Lower Manhattan.