Seaport Entertainment Group Inc. (SEG) completed the sale of its 250 Water Street mixed‑use development in New York City to Tavros, a privately‑owned real‑estate investment firm, on February 6 2026. The transaction closed for $152 million, the highest price reached in a series of amendments that began with a $150.5 million agreement in August 2025 and culminated in a $152 million final settlement in December 2025.
The one‑acre site, located at the corner of Peck Slip, Pearl Street, Water Street and Beekman Street, was originally acquired by SEG’s former parent Howard Hughes Holdings in 2018 for $180 million. The project faced prolonged community opposition and regulatory hurdles, including a lengthy review by the New York City Landmarks Preservation Commission, which delayed development and contributed to the decision to divest the asset.
The sale eliminates $61.3 million of debt that had been tied to the property, with an estimated annual interest and carrying‑cost savings of $7 million. The $152 million cash infusion reduces SEG’s total debt from $101.4 million to roughly $40.1 million, strengthening the company’s balance sheet and freeing capital for core operations.
CEO Anton Nikodemus said the transaction “unlocks capital that is poised to enhance our balance sheet, support new sustainable growth opportunities, and create long‑term value for our shareholders.” He added that the proceeds will be deployed to accelerate investments in the company’s high‑margin hospitality and entertainment venues, including Pier 17, the Tin Building, and its Las Vegas portfolio, as SEG targets breakeven in 2026 and profitability in 2027.
The sale aligns with SEG’s broader strategy to focus on experiential venues and to streamline its asset base. By divesting a non‑core property that had become a financial drag, SEG positions itself to allocate resources to its core segments—Landlord Operations, Hospitality, and Sponsorships, Events, and Entertainment—where it has demonstrated resilience and growth potential.
Overall, the transaction is a material event that improves SEG’s financial health, reduces debt burden, and supports the company’s strategic shift toward high‑margin experiential venues. The sale is a new development that will likely influence long‑term investment models for stakeholders.
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