The latest Spike Lee “joint” featuring Denzel Washington in the new Apple TV+ movie Highest 2 Lowest is a middling crime thriller that prominently features a high-end condo next to the Brooklyn bridge with stunning views of lower Manhattan. One area on the banks of the East River and adjacent to the Brooklyn Bridge that is visible from this condo is the South Seaport District, with multiple piers, a rooftop concert venue and multiple restaurants.
In our May 2025 Special Situations newsletter, we featured Seaport Entertainment Group (SEG) as our spotlight idea. The company, a spinoff from Howard Hughes (HHH), owns both waterfront assets in lower Manhattan as well as an eclectic collection of assets in Las Vegas. A visit to New York City’s Seaport district earlier this year offered a firsthand look at two of its key properties: the Tin Building and Pier 17. The visit prompted me to write about the idea and add it to the model portfolio at a little over $19 per share. Here is a short excerpt from the newsletter: