The Seaport's spinoff to shareholders of Howard Hughes Corp. last summer likely portends a change in direction for the entertainment, dining and shopping complex in the South Street area, downtown sources said. I am.
As reported in a post on Friday, the Seaport's new owner-operator, Seaport Entertainment Group (SEG), has signed hospitality company Grupo Gitano. By late February or early March.
But it will include 470,000 square feet of retail, dining and entertainment uses in a mostly historic building complex centered around South Street and Fulton Street. HHC purchased the land for $180 million.
HHC's plans for a complex use project of apartments, retail and public space have been halted by years of litigation.
HHC finally got the green light from the state Supreme Court last May, building an $850 million, 27-story building with 399 apartments atop a five-story base with offices, retail and community space. The building complex appeared poised to be built.
But by then, it had decided to spin off the port, which included Empty Lot, into a new entity, Seg. (Bill Ackman's Pershing Square is a big investor in both companies.) The fate of 250 Water Street is in flux. There has been no sign of construction for six months since the spinoff.
A Downtown analyst said: They're looking for a development partner or a developer to buy it outright. ”
Ellie Chamberland, Seg's senior vice president, would only say that she “anticipates additional announcements regarding the future of 250 Water Street in the coming months.”
Meanwhile, the two-story tropical-themed Gitano restaurant and club will be the brand's U.S. flagship. It has resorts in Tulum, Mexico, and Dubai, and operates a popular pop-up on Governors Island.
Although Chamberland strongly denied that Seg is changing its emphasis from locals to tourists, the jungle-themed eatery, as Seg founder James Gardner called it, Yucatan's laid-back luxury and “local heroes Jean-Georges Vongerichten (Fulton) and Andrew Carmellini (Carne Mare).
Several steps taken by SEG suggest continuity. We have extended Live Nation's rooftop programming contract for five years, making the music venue a year-round affair with a glass enclosure. It also formed a close relationship with Vongerichten's restaurant company, in which it owns 25%, to operate Seaport's Food Operations.
However, the pier still has 100,000 square feet of immovable space (before the Gitano lease), according to Seg.
Chamberland said: “Our goal is to make the Seaport an entertainment and hospitality destination by going beyond dining and providing unique experiences that locals embrace. We are exploring concepts such as molded art experiences, concepts for new markets, and beloved New York City brands.”
She added: [which has ESPN studios and 21,000 square feet of Nike space.] Instead, we aim to bring additional entertainment and hospitality concepts to the pier to complement our existing offering. ”
Seg's plans may be clouded by the tin building situation. In 2022, when the 40,000-square-foot Vongerichten-branded food hall opens, “its success will be critical to Hughes' future destiny in the Seaport,” he wrote. Assets in 2019.
However, Gothamist reported last week that the $200 million tin building was “struggling” with losses and laid off 100 kitchen workers after a “surprise identity check.”
Sources said the shooting had nothing to do with economics, but was related to issues of immigration status.
She added: “Pier 17's strategy differs from HHC in that it is focused on leasing office space on the pier. Instead, it is developing additional entertainment and hospitality concepts on the pier to complement its existing offerings. We aim to bring
HHC had leased space to ESPN Studios and 21,000 square feet to Nike.
Seg's plans may be clouded by the tin building situation. When the 40,000-square-foot Vongerichten-branded food hall opens in 2022, Real Estate Check writes, “Success is critical to Hughes' future fortunes in the Seaport.” Core assets in 2019.
However, Gothamist reported last week that the $200 million tin building was “struggling” with losses and laid off 100 kitchen workers after a “surprise identity check.”
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