FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person *   M.B. Capital Units L.L.C. 2. Date of Event Requiring Statement (Month/Day/Year) 11/09/2010 3. Issuer Name and Ticker or Trading Symbol Howard Hughes Corp [HHC] (Last) (First) (Middle) 300 N. DAKOTA AVENUE 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) SIOUX FALLS, SD 57104 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) No securities are beneficially owned (1) (2) 0 D   No securities are beneficially owned (2) 0 I See Footnote (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
M.B. Capital Units L.L.C. 300 N. DAKOTA AVENUE SIOUX FALLS, SD 57104	Â	  X	Â	Â
MB Capital Partners III 300 N. DAKOTA AVENUE SIOUX FALLS, SD 57104	Â	  X	Â	Â

Signatures

/s/ E. Michael Greaves, VP of General Trust Company, Trustee Partner of M.B. Capital Partners III, Sole Member		11/09/2010
**Signature of Reporting Person		Date
/s/ E. Michael Greaves, VP of General Trust Company, Trustee Partner		11/09/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	In connection with a spin-off by General Growth Properties, Inc. (the "Spin-off") which occured on November 9, 2010, M.B. Capital Units L.L.C. ("Capital Units"), a limited liability company, beneficially owns, for puposes of Section 13(d) of the Securities Exchange Act of 1934 (the "Act"), 4,503,393 shares of the Common Stock, $0.01 par value ("Common Stock") of the Issuer. Capital Units has no pecuniary interest in the Common Stock.
(2)	In connection with the Spin-off, M.B. Capital Partners III ("M.B. Capital"), a general partnership, beneficially owns, for puposes of Section 13(d) of the Act, (i) 1,127,367 shares of Common Stock and (ii) as the sole member of Capital Units, indirectly beneficially owns the Common Stock held by Capital Units. M.B. Capital has no pecuniary interest in the Common Stock.

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