Seaport Entmt Group — Financial Results
The Company Is Still Losing Over $100 Million Per Year, Though Losses Are Shrinking
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Total Revenue | $130.4M | $110.2M | +18% |
| Total Expenses | $234.7M | $219.1M | +7% |
| Net Loss | $115.3M | $152.6M | -24% |
Revenue grew 18% in 2025, but the company still spent roughly $1.80 for every dollar it earned. The good news is that the net loss shrank by about $37 million compared to 2024, driven by higher revenue and lower corporate overhead. The business is moving in the right direction, but profitability remains a distant target.
The Tin Building by Jean-Georges Is Being Replaced — A Major Strategic Reset
The company took full ownership of the Tin Building by Jean-Georges restaurant joint venture in 2025, then shut it down entirely in February 2026. The building has since been leased to Lux Entertainment for a "Balloon Museum" flagship experience. This is a significant pivot: a high-profile fine dining concept backed by celebrity chef Jean-Georges is being replaced by an experiential art attraction. Whether the new tenant generates stronger or more reliable rent remains to be seen.
Entertainment and Landlord Segments Are Nudging Toward Profitability
| Segment | 2025 Adjusted EBITDA | 2024 Adjusted EBITDA |
|---|---|---|
| Entertainment | $2.0M | $0.8M |
| Landlord Operations | -$7.7M | $2.3M |
| Hospitality | -$35.7M | -$49.4M |
Adjusted EBITDA (a measure of operating profit before interest, taxes, depreciation, and certain one-time items) improved meaningfully in Hospitality and Entertainment year-over-year. However, Landlord Operations swung to a loss, largely due to an $11 million write-down on the 250 Water Street development site — which was subsequently sold for $143 million in early 2026.
The 250 Water Street Sale Brings in $143 Million of Fresh Cash
The company agreed to sell its 250 Water Street development site and closed the deal on February 6, 2026, for gross proceeds of $143 million. This sale retires the associated mortgage and meaningfully replenishes the balance sheet. Going into 2025, the company had $77.8 million in cash — down from $165.7 million at end of 2024 — so the proceeds from this sale are material to its liquidity position.
Corporate Costs Remain Elevated, Including $12 Million in Leadership Transition Charges
General and administrative (G&A) costs fell $20.5 million in 2025 to $42.8 million, mostly because the one-time separation costs from spinning out of Howard Hughes Holdings ($23.8 million in 2024) did not repeat. However, $12.2 million in leadership transition costs — mainly severance and bonuses tied to executive changes — partially offset those savings. Investors should watch whether G&A continues declining now that these transition charges are behind the company.