Seaport Entertainment Partners with Public Service for New Project
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 14 2026
0mins
Seaport Entertainment Group announced a partnership with Public Service, the organization behind Public Records, to develop a new project in the Seaport in Lower Manhattan. The restaurant concept, which will involve the revitalization of a historic building, is expected to open in 2027. This addition brings an exciting new dimension to one of the most iconic waterfront neighborhoods in New York City.
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Analyst Views on SEG
About SEG
Seaport Entertainment Group Inc. is an entertainment and hospitality company. The Company’s segments include Landlord Operations, Hospitality, and Sponsorships, Events, and Entertainment. Its Landlord Operations segment is engaged in the operation of physical real estate assets located in the Seaport, a historic neighborhood in Lower Manhattan on the banks of the East River and within walking distance of the Brooklyn Bridge. Its Hospitality segment includes ownership interests in various food and beverage operating businesses. Its Sponsorships, Events, and Entertainment segment includes the Las Vegas Aviators Triple-A Minor League Baseball team and the Las Vegas Ballpark. Its portfolio encompasses a range of leisure and recreational activities, including live concerts, fine dining, professional sports, and high-end and experiential retail. The Company’s portfolio includes The Seaport, New York, Las Vegas Aviators, Las Vegas Ballpark, Jean-Georges Management, and Fashion Show Mall.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Industry Background: Before joining Seaport Entertainment, Nikodemus spent 18 years at MGM Resorts International in various senior leadership roles, laying a strong foundation for his success in the senior living services sector.
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See More
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See More
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- Executive Appointment: Sonida Senior Living has appointed Anton Nikodemus as Chief Operating Officer effective June 15, aiming to enhance operational efficiency and strategic execution within the company.
- Extensive Experience: Nikodemus previously served as President, CEO, and Chairman of the Board at Seaport Entertainment Group, bringing a wealth of management experience that is expected to provide new perspectives and leadership to Sonida.
- Industry Background: Before joining Seaport Entertainment, Nikodemus spent 18 years at MGM Resorts International in various senior leadership roles, laying a strong foundation for his success in the senior living services sector.
- Strategic Implications: This appointment reflects Sonida's commitment to strengthening its executive team, aiming to drive long-term growth and enhance market competitiveness by introducing a seasoned leader.
See More
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- Asset Sale Success: Seaport Entertainment Group completed the sale of 250 Water Street, generating over $75 million in liquidity and eliminating ongoing carrying costs, thereby providing greater financial flexibility for future investments and operations.
- Operating EBITDA Improvement: For Q1 2026, total operating EBITDA improved by $3.1 million to a loss of $11.8 million year-over-year, despite a 21% revenue decline, indicating positive progress in cost control and operational efficiency.
- Strategic Development Focus: Management emphasized that future growth will rely on market-specific multi-revenue ecosystems, particularly with the upcoming Balloon Museum and Meow Wolf projects, which are expected to drive consistent visitation and increased spending in adjacent businesses.
- Capital Expenditure Plans: Management reiterated that Seaport's stabilization capex is expected to range from $70 million to $90 million, with a flexible cash deployment strategy that will include buyback programs and evaluating asset-light models to seize market opportunities.
See More
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- Disappointing Earnings: Seaport Entertainment reported a Q1 2026 Non-GAAP EPS of -$1.41, missing expectations by $0.17, indicating ongoing pressure on the company's profitability.
- Significant Revenue Decline: Revenue fell approximately 20.7% year-over-year to $12.7 million in Q1, reflecting challenges and intensified competition in the current market environment.
- Negative Market Reaction: The earnings miss has raised investor concerns regarding the company's future profitability and growth prospects, potentially putting downward pressure on the stock price.
- Need for Strategic Adjustment: With both revenue and profitability declining, the company may need to reassess its business strategy to adapt to market changes and regain growth momentum.
See More
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See More
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- Guggenheim Initiates JFrog Buy Rating: Guggenheim highlights JFrog's strategic role in software development and enterprise risk management, forecasting accelerated cloud growth and total revenue growth in 2025, with free cash flow margin expanding to 27%.
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See More
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- Financial Performance Improvement: Seaport Entertainment Group reported a net loss of $36.9 million for Q4 2025, reflecting an 11% year-over-year improvement, while the full-year net loss was $116.7 million, showing a 24% improvement, indicating significant progress in financial health.
- Asset Sale and Cash Flow: The sale of 250 Water Street generated approximately $75 million in net proceeds, eliminating $7 million in annual cash burn, thereby enhancing the company's capital flexibility and providing funding for future investments.
- New Projects and Leasing: The repositioning of the Tin Building into a Balloon Museum through a new lease with Lux Entertainment is expected to transition the asset to positive free cash flow and potentially improve annual EBITDA by over $22 million, showcasing the company's strategic vision in asset management.
- Event Space Expansion: The expansion of the Pier 17 event space to over 40,000 square feet is projected to yield long-term cash-on-cash returns exceeding 20% with a payback period under 5 years, reflecting the company's confidence in future growth and proactive investment decisions.
See More
