Seaport Entertainment Group to sell NYC property for $150.5 million

NEW YORK - Seaport Entertainment Group Inc. (NYSE:SEG) announced Monday it has entered into an agreement to sell its 250 Water Street mixed-use development project in New York City for $150.5 million to Tavros, a privately owned real estate investment management firm.

The transaction includes a $6 million non-refundable deposit due at signing, with provisions that could potentially increase the deposit to $8.5 million and the sale price to $152 million before closing. The deal is expected to close before the end of 2025, subject to certain conditions.

The one-acre site, which spans a full city block in lower Manhattan, is currently entitled for the construction of a 26-story, mixed-use building with up to 399 residential units and approximately 200,000 square feet of commercial, retail and community space.

Anton Nikodemus, Chairman, President and CEO of Seaport Entertainment Group, said the sale would unlock capital to "enhance our balance sheet, support new sustainable growth opportunities, and create long-term value for our shareholders."

The property was originally acquired by Howard Hughes Holdings, SEG’s former parent company, in June 2018. It is bordered by Peck Slip, Pearl Street, Water Street, and Beekman Street.

A team from JLL (NYSE:JLL), a prominent player in the Real Estate Management & Development industry with a market capitalization of $13.9 billion, led by Andrew Scandalios, Ethan Stanton and Nicco Lupo represented Seaport Entertainment Group in the transaction. According to InvestingPro data, JLL has demonstrated strong market performance, trading near its 52-week high with robust revenue of $24.7 billion in the last twelve months.

Seaport Entertainment Group, which focuses on entertainment and hospitality assets, made the announcement in a press release statement. InvestingPro analysis shows JLL maintains a "GOOD" overall financial health score, with 12 additional ProTips available to subscribers. For detailed insights into JLL’s performance and valuation metrics, investors can access the comprehensive Pro Research Report, part of InvestingPro’s coverage of over 1,400 US equities.

In other recent news, Jones Lang LaSalle reported its second-quarter 2025 earnings, exceeding Wall Street expectations. The company’s earnings per share came in at $3.30, surpassing the forecasted $3.20, while revenue reached $6.25 billion, slightly above the anticipated $6.22 billion. Following these results, Raymond James raised its price target for Jones Lang LaSalle to $369 from $347, maintaining a Strong Buy rating. The firm highlighted the company’s robust revenue streams and its strong position in property and facilities management. These developments reflect the company’s solid performance and strategic positioning in the market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.