Seaport Entertainment mulling offers for 250 Water – Business News
All summer season eyes are on Seaport Entertainment Group, which is mulling offers for its invaluable 1.1-acre vacant lot at 250 Water St., even because it grapples with losses on the Seaport’s Tin Building.
After Howard Hughes Corp. spun off SEG final summer season, it wasn’t clear what the new house owners would do with 250 Water St., a short stroll from the Seaport’s busy Pier 17, the place HHC spent years planning and profitable metropolis approvals for a new, mixed-use project.
A rendering of the proposed Seaport Tower at 250 Water St. Skidmore, Owings & Merrill
Original design of 250 Water Street featured two tall towers on a podium base. Howard Hughes Corporation/SOM
We predicted in January that SEG, which isn’t within the development business, would put the positioning up for sale. Two months later, they tapped JLL to sift offers, Crains reported. Seaport CEO Anton Nikodemus mentioned in a convention call that more than 130 “potential buyers or partners” expressed curiosity.
Now, sources instructed Realty Check, they’ve winnowed the checklist down to a few or 4, however no names have but emerged. SEG didn’t reply to a number of requests for remark.
Meanwhile, SEG simply took what it known as an “administrative step” to “complete the process” of a plan it introduced in January to “internalize food and beverage operations at many of our wholly-owned and joint venture-owned restaurants.”
The publicly traded company introduced on June 30 it “terminated” the Tin Building management settlement with Jean-Georges Vongerichten’s Creative Culinary Management Company.
Chef Jean-Georges Vongerichten. Tamara Beckwith
Vongerichten Management CEO Lois Freedman defined to us, “What was more a management agreement now is a licensing agreement.”
SEG earlier mentioned it took a $33 million loss on the Tin Building in 2024. Although a small part was closed off, it stays open and its House of the Red Pearl restaurant stays a scorching Chinese vacation spot.
