downtown express
November 17 - 23, 2010
3
GENERAL GROWTH SKIRTS LARGEST REAL
ESTATE BANKRUPTCY
General Growth Properties Inc., whose headquarters are
at 88 Pine Street, has divided into two companies, thereby
avoiding the biggest real estate bankruptcy in U.S. history,
according to Bloomberg News.
The businesses, General Growth and Howard Hughes
Corp., began trading on the New York Stock Exchange last
week. G.G.P. fi led for Chapter 11 protection in April 2009,
when it found itself $27 billion in debt. Earlier this year, the
company restructured about $15 billion in mortgage debt
linked to approximately 40 properties. Brookfield Asset
Management Inc. won over other investor groups to get
G.G.P. out of bankruptcy.
The company owned and operated more than 183 malls
in 43 states around the country. It recently documented
an operating loss of $29.3 million in third-quarter 2009,
compared to an $88.9 million profit in third-quarter 2009,
attributing the loss to restructuring costs.
LEAK NEAR W.F.C. CAUSED NO W.T.C. DELAYS
On the evening of November 4, water from the Hudson
River began leaking into a construction pit close to the
World Trade Center Site.
The hole in the concrete foundation wall has since been
patched up with steel casing, preventing further water from
streaming in. Similar potential leaks, the construction staff
reported, were properly managed. “The contractor is begin-
ning to pump out the floor water and the repair appears to
be working,” the construction staff said. In the meantime,
work on the site has been stalled, however the overall exca-
vation project remains on schedule.
The ground is being excavated for the pedestrian con-
course below West Street that will eventually connect the
World Trade Center and the World Financial Center, accord-
ing to Steve Coleman, spokesperson for the Port Authority of
New York and New Jersey. The site above ground will serve as
an exit point for the Route 9a tunnel, exiting to the W.F.C.
“This portion of the project required the removal of
existing platforms and old bulkheads that likely complicated
[concrete foundation] wall installations,” according to the
W.T.C. construction staff.
Coleman assured that none of the water spilled onto the
W.T.C. site itself. “The water is confi ned to the excavation
area, right in front of the W.F.C. where the pit is located,”
he said.
The construction team is setting up a system for detecting
and mitigating future water leaks.
PLANTING OF CHERRY TREES IN CHINATOWN
Thirty-seven trees, mostly cherry, have been planted in
front of Confucius Plaza and along the road median on
Bowery Street. The project is part of a larger effort initiated
by State Senator Daniel Squadron to improve the quality of
life for area residents.
Squadron, Manhattan Borough Parks CommissionerBill
Castro and local community leaders convened on Tuesday to
celebrate the plantings.
“With these new trees, the community’s experience in
Chinatown will be just a little bit better,” Squadron said.
“The trees will add even more color and character to the
neighborhood, clean the air and provide much needed green
space.”
“With the addition of the new cherry trees at Confucius
Plaza, Chinatown is a considerably greener place,” said
Manhattan Parks Commissioner Bill Castro. “The newly-
planted trees will work hard for New Yorkers by cleaning the
air we breathe, cooling summer air temperatures, providing
shade and beautifying our community.”
Other recent additions to Chinatown include the con-
struction of the road median on Bowery street as a pedestri-
an safety measure and the Chinatown Million Trees Initiative
that Squadron spearheaded last year to increase the amount
of green space in the neighborhood.
NURSES DEMONSTRATE
Angry nurses from the New York State Nurses Association
marched from Vesey Street and Broadway to City Hall last
week to submit a petition to MayorBloomberg’s administra-
tion about renewing their union contract.
They approached the mayor’s aide with a “City Nurses
Bill of Rights,” which states that nurses, like all other city
employees, deserve fair and equitable treatment. “We give a
great deal of ourselves to some of the neediest populations
of the city, and deserve treatment equal to other municipal
employees,” said Anne Bove, president of N.Y.S.N.A.’s
H.H.C. bargaining unit and a nurse at Bellevue Hospital.
N.Y.S.N.A. also lobbied at the rally for retirement benefi ts
offered to city workers with physically taxing jobs. Currently,
they’re denied “physically taxing” status, which is consid-
ered gender discrimination by the U.S. Equal Employment
Opportunity Commission.
Since September 2009, more than 7,000 nurses have
unsuccessfully tried to negotiate with the city about the con-
tract, which expired last January.
The nurses work for the city’s Health and Hospital
Corporation and the Mayoral Agencies.