The group of century old buildings that have mostly been demolished at the corner of 125th Street and FDB/8th Avenue have now exchanged hands. A Wall Street Journal article today announces that mall developer Kimco has decided to sell controlling share of the property to their venture partner. This comes after a collapse on the site last month which brought progress to a halt and Kimco now apparently is pulling out of several investments in the company's portfolio since many of the purchases were bought at the height of the past market. The "multi-level shopping center" is still planned for the site that sold for $30 million in 2007 but Kimco does not want to be a major player in its Harlem development. Read more in the Journal:
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Sounds a bit ominous doesn't it?
ReplyDeleteI smell a vacant lot
ReplyDeleteSM - wouldnt be the first time. or the second time. or the third time...
ReplyDeleteIs it law suits come hither that made them get out? I heard several people were hurt in the collapse.
ReplyDelete