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wrt Charlie's recounting of the history of the sale, the mall got screwed in the years of fighting between Western Dev. (Herb Miller) and Eastbanc (Anthony Lanier) over who owned it/could buy it (claim of a right of first refusal) and it drifted into foreclosure, not unlike how Douglas Dev. has purchased buildings/notes at 8th and H and the old Hecht's Warehouse.

And because it was during a dip in the market, Angelo, Gordon could jump in when if the property were up for sale now, likely they would be outbid.

It would have been interesting had Streetsense or a similar firm or the guy who is running retail recruitment for CityCenterDC (he worked for Rouse decades ago, did the relaunch of retail in Grand Central Station there recently, etc.) taken on the project rather than Vornado. (Another instance of innovation has to be in your DNA in order to do good urban projects and when you don't get the right people, you're f*ed, e.g., it reminds me of Foulger Pratt at GA and MO Avenues...)

Re the Faneuil/Reading Terminal Market, actually those specific concepts I don't think would work, as they are really food markets mostly, but Eataly could as it is an experience and more about consuming prepared foods.

Note that they will be putting a food hall in at CityCenterDC.

by Richard Layman on Sep 18, 2012 10:16 am • link • report