SEG closes Tin Building restaurant, sells $143M development site, widens Q1 loss 38%

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~1 min read

Key Changes

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  Tin Building by Jean-Georges ceased operations in February 2026 and was immediately re-leased to Lux Entertainment for a Balloon Museum flagship, marking a strategic pivot from culinary to experiential entertainment in a flagship asset.

  MD&A: Tin Building closure verify on EDGAR →
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  250 Water Street development site sold for $143 million gross proceeds in February 2026, generating $130M cash inflow and enabling $62M mortgage payoff, representing a strategic exit from capital-intensive mixed-use development.

  MD&A: 250 Water Street sale verify on EDGAR →
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  Depreciation expense surged $12 million to $20.1 million in Q1 2026 due to accelerated write-downs and shortened useful lives from the Tin Building closure, materially widening the operating loss.

  MD&A: Accelerated depreciation verify on EDGAR →