Seaport Entertainment sells Manhattan building for $8.25 million

New York-based Seaport Entertainment Group Inc. recently sold an eight-story residential building at 85 South Street in Lower Manhattan. The eight-story structure, located in the Seaport neighborhood, comprises 21 multifamily units and 5,500 square feet of leasable space. The building, originally purchased by Howard Hughes Holdings in October 2014, now finds a new owner after being sold to an affiliate of MD Squared Property Group and Churchwick Partners for $8.25 million.

Lenah Elaiwat, Chief Financial Officer and Treasurer of Seaport Entertainment Group, highlighted the sale as a strategic move to bolster the company's financial standing while preserving its focus on entertainment and hospitality ventures. The transaction, handled by JLL, underscores the company's commitment to aligning its assets with its strategic objectives.

MD Squared Property Group, established in 2014, oversees a diverse portfolio of over 5,000 residential units and 1,000,000 square feet of commercial space across New York, Connecticut, and Pennsylvania. Churchwick Partners, a New York-based real estate investment firm, manages a substantial portfolio of approximately 10,000 rental units spread throughout the continental United States.

Seaport Entertainment Group continues to operate a multifaceted portfolio of entertainment and hospitality properties, offering a diverse range of restaurant, entertainment, sports, retail, and hospitality experiences to the community.