Seaport Entertainment Group is exploring options for its mixed-use development in Lower Manhattan, 250 Water Street.
CEO Anton Nikodemus on the developer's fourth quarter conference call told analysts that it is either looking for a collaboration or a sale of the 26-story project in the Seaport District.
"We believe the best value for the company is going to be realized either through an outright sale, to a developer and an operator who specializes in multifamily, and mixed use developments, or to partner with someone with this expertise."
In 2018, Howard Hughes Corporation, which spun off Seaport into a separate public firm last year, acquired the Lower Manhattan property for roughly $180 million. According to a report from Crain's New York Business, the land of the site holds a gross value of $143 million.
"This will be a comprehensive process that is intended to drive the best long-term value for the company and our shareholders," Nikodemus said of a potential sale for the property.
On the 250 Water Street efforts, JLL's Andrew Scandalios, Ethan Stanton, and Nicco Lupo are representing Seaport.
The building comes with entitlements to construct as many as 399 apartments and 200,000 square feet of commercial space, according to Nikodemus.
"This development opportunity, is especially unique, because it qualifies as a legacy project under the since expired 421-a tax abatement program," he said.
"Given this tax abatement structure, we believe the project's development opportunity is especially attractive in the overall Manhattan multifamily real estate market."
In Seaports' earnings report, the New York-based firm said in the last 90 days it has leased almost 100,000 square feet of space to Meow Wolf and GITANO, which are both entertainment and hospitality concepts. The deal with Meow Wolf gives the entertainment firm 75,000 square feet of rentable space at Seaport's Pier 17 property that spans 300,000 square feet in Lower Manhattan.