All summer eyes are on Seaport Entertainment Group, which is mulling offers for its valuable 1.1-acre vacant lot at 250 Water St., even as it grapples with losses at the Seaport’s Tin Building.
After Howard Hughes Corp. spun off SEG last summer, it wasn’t clear what the new owners would do with 250 Water St., a short stroll from the Seaport’s busy Pier 17, where HHC spent years planning and winning city approvals for a new, mixed-use project.
We predicted in January that SEG, which is not in the development business, would put the site up for sale. Two months later, they tapped JLL to sift offers, Crains reported. Seaport CEO Anton Nikodemus said in a conference call that more than 130 “potential buyers or partners” expressed interest.
Now, sources told Realty Check, they’ve winnowed the list down to three or four, but no names have yet emerged. SEG didn’t respond to multiple requests for comment.
Meanwhile, SEG just took what it called an “administrative step” to “complete the process” of a plan it announced in January to “internalize food and beverage operations at many of our wholly-owned and joint venture-owned restaurants.”
The publicly traded company announced on June 30 it “terminated” the Tin Building management agreement with Jean-Georges Vongerichten’s Creative Culinary Management Company.
Vongerichten Management CEO Lois Freedman explained to us, “What was more a management agreement now is a licensing agreement.”
SEG earlier said it took a $33 million loss on the Tin Building in 2024. Although a small section was closed off, it remains open and its House of the Red Pearl restaurant remains a hot Chinese destination.
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