Business
Seaport Entertainment Group Announces Agreement to Sell 250 Water Street Development Project to Tavros for $150.5 Million
NEW YORK, August 18, 2025--Seaport Entertainment Group (NYSE: SEG) announces agreement to sell 250 Water Street development for $150.5 million; closing expected by end of 2025.
About this update from Seaport Entertainment Group Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":240,"url":"https://media.zenfs.com/en/business-wire.com/da7f327f1a969d9049a60bf21fe01df6"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/_p6wvSbLPt.8_fqFcnlWnw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ4MDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/da7f327f1a969d9049a60bf21fe01df6","width":480,"height":240}},"lazy":false},{"type":"text","content":"NEW YORK, August 18, 2025--(BUSINESS WIRE)--Seaport Entertainment Group Inc. (NYSE: SEG) ("Seaport Entertainment Group," "SEG", "we," "our," or the "Company") announced today it has entered into an agreement to sell the mixed-use development project located at 250 Water Street ("250 Water Street") for a sale price of $150.5 million to Tavros, a privately owned real estate investment management and development firm based in New York City.","length":501,"tagName":"p"},{"type":"text","content":""We believe the anticipated sale of 250 Water Street marks a significant milestone for Seaport Entertainment Group, unlocking capital that is poised to enhance our balance sheet, support new sustainable growth opportunities, and create long-term value for our shareholders," said Anton Nikodemus, Chairman, President and Chief Executive Officer of Seaport Entertainment Group. "We are confident that Tavros, an experienced and engaged New York City developer, is well-positioned to bring this project to life in a way that respects the character of the neighborhood and contributes positively to the community."","length":631,"tagName":"p"},{"type":"text","content":"250 Water Street was originally acquired by Howard Hughes Holdings, the Company’s former parent in June 2018. The one-acre site spans a full city block, bordered by Peck Slip, Pearl Street, Water Street, and Beekman Street, and is currently entitled for the construction of a 26-story, mixed-use building with up to 399 market-rate and affordable residential units and approximately 200,000 square feet of commercial, retail and community space.","length":445,"tagName":"p"},{"type":"text","content":"The agreement includes a $6.0 million deposit due at signing, with certain provisions to potentially increase the depos...