City demands seaport rent from General Growth

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Even in bankruptcy, General Growth Properties is feeling pressure from New York City officials to pony up $500,000 in back rent it allegedly owes for South Street Seaport, according to the Wall Street Journal. The city has filed a court claim demanding payment, but General Growth is disputing the city’s stance for as-of-yet unknown reasons and plans to file its response to Bankruptcy Court soon. General Growth’s long-term lease at the seaport was made as part of its larger plan to redevelop the area with the help of the Economic Development Corporation. The plan has stalled since General Growth encountered financial woes and filed for bankruptcy in April last year. [WSJ via DNAinfo]

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