Seaport Entertainment Group Completes Sale of 85 South Street Residential Building for $8.25 Million
The company positions the disposal as a step toward strengthening its balance sheet and focusing on entertainment and hospitality.
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"Selling 85 South Street is another incremental step to strengthen our balance sheet while keeping our focus on the entertainment and hospitality destinations that most closely align with our strategic priorities,” said Lenah Elaiwat, Chief Financial Officer and Treasurer of Seaport Entertainment Group.
85 South Street, which is home to 21 multifamily units and 5,500 square feet of ancillary leasable space in the Seaport neighborhood in Lower Manhattan, was originally acquired by Howard Hughes Holdings, the Company’s former parent, in October 2014.
“We are grateful to have had the opportunity to work with Matt Partridge and the entire team in the Seaport and thank them for a smooth transaction,” said Michael Mintz, Chief Executive Officer and Founder of MD Squared Property Group.
“We thank Seaport Entertainment Group for their careful stewardship of this asset,” said Asaf Fligelman, Partner at Churchwick Partners. “85 South Street fits squarely in our strategy of acquiring unique, value-add assets with strong underlying fundamentals.”
SEG was represented in this transaction by a JLL team led by Andrew Scandalios, Hall Oster, and Ethan Stanton.
About Seaport Entertainment Group
Seaport Entertainment Group is a premier entertainment and hospitality company that owns and operates a unique collection of assets positioned at the intersection of entertainment and real estate. Seaport Entertainment Group’s focus is to deliver unparalleled experiences through a combination of restaurant, entertainment, sports, retail and hospitality offerings integrated into one-of-a-kind real estate that redefine entertainment and hospitality. For more information, please visit www.seaportentertainment.com.
About MD Squared Property Group
MD Squared, founded in 2014, is a
About Churchwick Partners
Churchwick Partners is a New York-based real estate investment firm focused on acquiring, repositioning and operating multifamily and hospitality assets across the United States. Churchwick and its affiliates’ portfolio comprises approximately 10,000 units across the continental United States. Churchwick pursues value-add opportunities where hands-on asset management and operational execution can unlock long-term value for its investors.
Safe Harbor and Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements concerning Seaport Entertainment Group’s plans, goals, objectives, outlook, expectations, and intentions. Forward-looking statements are based on Seaport Entertainment Group’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including the risks and uncertainties discussed in filings with the Securities and Exchange Commission, including Seaport Entertainment Group’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date of this press release. Seaport Entertainment Group undertakes no obligation to update or revise any forward-looking statements for events or circumstances that arise after the date of this press release, except as may be required by applicable law.
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Seaport Entertainment Group Inc.
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Source: Seaport Entertainment Group Inc.