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November 5, 2015- Financially struggling hedge fund tycoon Bill Ackman, and Chairman of Howard Hughes Corp, has thrown in the towel on the controversial 50-story apartment building at Pier-17.
The Post reports (or buries this inside a big fluff piece, we should say), “One much-discussed area residential project will not be going ahead, however – at least not for now. Howard Hughes, which has been spearheading much of the Seaport redevelopment, has put its plans for a hotel-condo tower on the current site of the Seaport’s New Market Building on hold while it reevaluates their proposal for the location.
The original plan, which had at times called for a tower as tall as 50 stories, drew significant opposition from community and preservation groups who vowed to derail it. That may have worked.
“There will be no tall tower on the New Market site,” says an HHC spokeswoman. “That is not happening.”
She declined to say whether the company’s current designs for the Seaport include any residential development.