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General Growth Starts The Spin Cycle

From General Growth Properties's statement regarding the company's potential sale of the South Street Seaport: “We intend to continue working with the city of New York on a plan for the property’s development that they and the community will embrace." Sure! The company also insists they are sticking with the 1.7 million-square-foot East Harlem mixed-use project (right) that the city chose them in October to develop, but Charles Bagli reports, "real estate executives say that the company has been offering to sell its position in the project." You do hate to see that. [City Room; previously]