All summer time eyes are on Seaport Leisure Group, which is mulling presents for its priceless 1.1-acre vacant lot at 250 Water St., even because it grapples with losses on the Seaport’s Tin Constructing.
After Howard Hughes Corp. spun off SEG final summer time, it wasn’t clear what the brand new house owners would do with 250 Water St., a brief stroll from the Seaport’s busy Pier 17, the place HHC spent years planning and profitable metropolis approvals for a brand new, mixed-use mission.
We predicted in January that SEG, which isn’t within the growth enterprise, would put the location up on the market. Two months later, they tapped JLL to sift presents, Crains reported. Seaport CEO Anton Nikodemus stated in a convention name that greater than 130 “potential buyers or partners” expressed curiosity.
Now, sources informed Realty Test, they’ve winnowed the checklist down to 3 or 4, however no names have but emerged. SEG didn’t reply to a number of requests for remark.
In the meantime, 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 firm introduced on June 30 it “terminated” the Tin Constructing administration settlement with Jean-Georges Vongerichten’s Inventive Culinary Administration Firm.
Vongerichten Administration CEO Lois Freedman defined to us, “What was more a management agreement now is a licensing agreement.”
SEG earlier stated it took a $33 million loss on the Tin Constructing in 2024. Though a small part was closed off, it stays open and its Home of the Pink Pearl restaurant stays a scorching Chinese language vacation spot.
