Will Canadians control all of the waterways in Downtown New York?

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shop_south-street-seaport_aerialUpdate January 23, 2015- Brookfield did indeed win the RFP to run North Cove Marina, as suspected. Also, Howard Hughes announced that the same IGY marina company, run by close ally to Governor Cuomo Andrew Farkas, will run the Seaport marina as well. Read the December 29th article, below, to learn more.

Update December 29, 2014- Brookfield actually took the Rouse Property assets, traded under ticker RSE, after GGC emerged from bankruptcy. The South Street Seaport and gated community assets of GGC went to the Howard Hughes corp., owned by Bill Ackman’s Pershing Square and others, we believe. Therefore, Brookfield would not be running both marinas Downtown.

However, we are also getting conflicting reports that Brookfield still owns debt, perhaps, in Howard Hughes corp (see comment below). Real estate ownership is very opaque and murky.

December 29, 2014- By Steven E. Greer

No news outlet has yet connected the dots between Brookfield Properties and the control of Downtown Manhattan waterways. If Brookfield succeeds in taking over the North Cove Marina, then they could control all of the waterways in Lower Manhattan given that the Howard Hughes Corporation Seaport project, with its own marina planned, is largely owned by Brookfield Properties as well.

Howard Hughes Corporation was created in 2010 after its parent company, GGC, a conglomerate of shopping malls that were struggling in the bad economy that went bankrupt, later emerged from bankruptcy spinning of Howard Hughes corp. The mall business became known as Rouse, and the large gated-community assets, along with the South Street Seaport, went to Howard Hughes.

Immediately buying large chunks of equity in the two new companies in 2010 was Canadian real estate conglomerate Brookfield Asset Management. They invested $2.6 Billion in 2010, and another $1.7 Billion in 2013.

The equity ownerships in these complex real sate holding companies is hard to pin down. However, since the current total value of the Howard Hughes corp., trading under ticker HHC, is only $5.3 Billion, and the stock has more than quadrupled since Brookfield made the investments in 2010, then the equity percentage ownership of Brookfield in Howard Hughes must be very significant (If any real estate experts read this and know the exact number of shares owned by Brookfield, please email us).

Also buying into the new Howard Hughes was hedge fund activist Bill Ackman and his Pershing Square hedge fund. He became the Chairman of Howard Hughes corp.

Since the new Seaport development that Howard Hughes is planning to build includes a large marina, and Brookfield is heavily involved in that project, then if Brookfield also gains control of the North Cove Marina, a Canadian conglomerate will control the entire waterway of Lower Manhattan, from the east River to the Hudson River. Recall, BatteryPark.TV has previously reported that the BPCA RFP process for assigning the new 10-year lease for the marina seemed to be going in favor of Brookfield, until the CB1 recently passed a resolution calling for the RFP to be nullified.

This entry was posted in - Downtown oversight, - Real estate, - State Government, Battery Park City and BPCA, Brookfield Place, Sailing/Yachting, Seaport. Bookmark the permalink.

6 Responses to Will Canadians control all of the waterways in Downtown New York?

  1. JJ says:

    HHC and RSE were spinoffs from GGP

    Ackman kept HHC and Brookfield kept RSE (along with their GGP) as part of their transactions
    Brookfield owns no HHC

  2. Editor says:

    To JJ

    I think you are correct. Ticker RSE is Rouse Properties, and their biggest shareholders are the various shady off-shore Brookfield entities

  3. Michael Fortenbaugh says:

    Brookfield people told me directly that they own Howard Hughes Corp. It could be the ownership of the debt or some other instrument. But they did say so.

    – Michael Fortenbaugh

  4. JJ says:

    RSE used to own the South Street Seaport, and originally developed it as they did Faneuil Hall in Boston, amongst others, but when GGP spun off HHC and RSE, HHC ended up with the Seaport. BAM still has an equity investment in HHC, though not an economic one.

    Pershing Square is the major economic and equity holder of HHC

  5. Editor says:

    The same operator now ran it before 9/11 too

  6. Battery Park Resident says:

    How f’n corrupt on so many levels. https://batteryparkcity.org/new/rfp/page/2

    Battery Park is a disservice to minority children in the city of NY. There was a sailing school where they could learn. But, the 1% that sits on the BP board have no clue to the needs of underserved communities teaching residents how to sail.

    The Battery Authority should ask each member to resign immediately, especially Donald Capoccia who seems to have donated so much $ and has his hands in everything. Just follow the $.

    My favorite area of the Battery Park Authorities website is the fact that they are looking for a Ethics Attorney.

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