Long-stalled Seaport project faces another delay after change of ownership
The Seaport, a complex of mostly historic buildings centered around South Street and Fulton Street, has been facing numerous challenges since its inception. The latest hurdle comes after the change of ownership, with new operator Seaport Entertainment Group (SEG) taking over the reins.
New lease brings life to Pier 17, but uncertainty remains for 250 Water Street
As reported in The Post, SEG has signed a nearly 14,000 square-foot lease with Grupo Gitano to occupy Pier 17, replacing the Pearl Alley bar-lounge complex by late February or early March. While this lease brings new life to the pier, it does little to address the long-stalled development site at 250 Water Street, which has been empty for eight years.
HHH’s plan for a mixed-use project stalled
Howard Hughes Holdings (HHH) had initially planned to develop the site into a mixed-use project with apartments, stores, and public space. However, the project was stalled by years of lawsuits, and HHH eventually won approval from the state’s highest court in May. The company then decided to spin off the Seaport, including the empty lot, into a new entity, SEG.
New owner’s plans uncertain
SEG’s senior vice president, Ellie Chamberland, would only say that the company anticipates additional announcements regarding the future of 250 Water Street in the coming months. A downtown analyst suggests that SEG might need help, either by finding a development partner or selling the site outright.
Gitano restaurant and club to open at Pier 17
Gitano, a tropical-themed eatery and club, will open at Pier 17, bringing a new concept to the area. The restaurant will have a unique appeal, different from pier restaurants run by local heroes Jean-Georges Vongerichten and Andrew Carmellini. Some steps taken by SEG suggest continuity, including extending Live Nation’s rooftop programming agreement and forming a closer relationship with Vongerichten’s restaurant company.
SEG’s vision for the Seaport
SEG’s goal is to make the Seaport an entertainment and hospitality destination, providing unique experiences that go beyond dining and will be embraced by locals. The company is exploring concepts such as experiential retail, immersive art experiences, new-to-market concepts, and beloved New York City brands.
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Conclusion:
The long-stalled Seaport project faces another delay after the change of ownership. While new lease brings life to Pier 17, the future of 250 Water Street remains uncertain. SEG’s plans are clouded by the Tin Building situation, and the company’s vision for the Seaport remains to be seen.
Frequently Asked Questions:
- What is the current status of the Seaport project?
The Seaport project is facing another delay after the change of ownership. - What is the future of 250 Water Street?
The future of 250 Water Street is uncertain, with SEG’s plans yet to be announced. - What is the concept of Gitano restaurant and club?
Gitano is a tropical-themed eatery and club that will open at Pier 17, offering a unique appeal to locals and tourists alike.
