Howard Hughes: Seaport’s Pier 17 Rising

Howard Hughes: Seaport’s Pier 17 Rising

Howard Hughes: Seaport’s Pier 17 Rising by Todd Sullivan, ValuePlays.

As of the Q4 2014 earning release the company is still looking towards a Q2 2016 opening……..this thing is gonna be such a cash cow.  Not that anyone has noticed but recent acquisitions by Howard Hughes give them ~3MM sqft of development rights in the Seaport area. That is a ton to have in what is shaping up to be the next hot spot in Manhattan.

When they are noticing this in Europe, it is happening…..Howard Hughes is in on the ground floor…

Curbed NY:

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Seaport’s New SHoP-Designed Pier 17 Is Ready to Rise

While a lot of the changes planned for the South Street Seaport are still far from reality, a new part of the Howard Hughes controlled-waterfront is coming to life. Today, the Department of Buildings approved permits for the new SHoP-designed Pier 17 complex, which will rise where the old Pier 17 used to stand. Plans for the new four-story retail development were approved by City Planning in early 2013 and a ridiculous “groundbreaking” for the new pier was held that fall, but demolition of the old building didn’t happen until early 2014. By last July, the structure was totally gone, and Howard Hughes was annoying the neighbors with pile driving for the new pier. At that time, the developer said that the new building would be ready to open in 2016, but they also said that construction would start last fall, so it looks like things are taking longer than expected.

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Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners. He looks for investments he believes are selling for a discount to their intrinsic value given their current situation and future prospects. He holds them until that value is realized or the fundamentals change in a way that no longer support his thesis. His blog features his various ideas and commentary and he updates readers on their progress in a timely fashion. His commentary has been seen in the online versions of the Wall St. Journal, New York Times, CNN Money, Business Week, Crain’s NY, Kiplingers and other publications. He has also appeared on Fox Business News & Fox News and is a contributor. His commentary on Starbucks during 2008 was recently quoted by its Founder Howard Schultz in his recent book “Onward”. In 2011 he was asked to present an investment idea at Bill Ackman’s “Harbor Investment Conference”.

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