Faneuil Hall Marketplace Gets New Management
City officials say financially struggling General Growth Properties is selling its lease of the historic Boston property Faneuil Hall Marketplace, also known as Quincy Market.
Officials at the Boston Redevelopment Authority say the Chicago property management company is close to transferring the remainder of its lease of the city-owned property to Ashkenazy Acquisition Corp.
The New York firm specializes in real estate management, including historic properties in other cities such as Union Station in Washington, D.C.
The deal is expected to close within 60 days. BRA officials say they have asked for a meeting with the new buyer. They want better marketing, more capital investment and a "healthy mix" between local and national merchants.
BRA spokeswoman Susan Elsbree calls the sale of the lease, reported to be above $130 million, "a move in the right direction."
General Growth Properties, the current lessee of Faneuil Hall Marketplace, has emerged from bankruptcy and Quincy Market merchants have been complaining of poor upkeep.
This program aired on May 10, 2011. The audio for this program is not available.