All summer season eyes are on Seaport Leisure Group, which is mulling affords for its invaluable 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 season, it wasn’t clear what the brand new homeowners would do with 250 Water St., a brief stroll from the Seaport’s busy Pier 17, the place HHC spent years planning and successful metropolis approvals for a brand new, mixed-use venture.
We predicted in January that SEG, which isn’t within the improvement enterprise, would put the positioning up on the market. Two months later, they tapped JLL to sift affords, Crains reported. Seaport CEO Anton Nikodemus mentioned in a convention name that greater than 130 “potential consumers or companions” expressed curiosity.
Now, sources informed Realty Examine, they’ve winnowed the listing 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 “full the method” of a plan it introduced in January to “internalize meals and beverage operations at lots of our wholly-owned and joint venture-owned eating places.”
The publicly traded firm introduced on June 30 it “terminated” the Tin Constructing administration settlement with Jean-Georges Vongerichten’s Artistic Culinary Administration Firm.
Vongerichten Administration CEO Lois Freedman defined to us, “What was extra a administration settlement now could be a licensing settlement.”
SEG earlier mentioned 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 Purple Pearl restaurant stays a scorching Chinese language vacation spot.
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