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It might have felt like a safe bet: a multi-level shrine to gourmet food backed by celebrity chef Jean-Georges Vongerichten down by NYC's South Street Seaport. And, yet, the 58,000-square-foot Tin Building, which cost nearly $200 million to set up, has officially closed after a four-year run.
According to an official press release that was sent out yesterday, the food hall will be replaced with the Balloon Museum flagship this summer, an immersive experience focusing on inflatable art that had a temporary run in NYC back in 2023.
Rumors regarding the financial struggles that have been plaguing the Tin Building—perhaps caused by the relatively remote location of the operation and the prevalence of similar high-end food markets across the city—have been circulating for months. According to publicly available financial documents, the market's parent company lost over $100 million over four years.
According to the New York Post, "the Tin Building’s most popular eateries such as House of the Red Pearl and T. Brasserie might be relocated to other parts of the Seaport." Official plans are still being discussed, though.
Moving forward, parent company Seaport Entertainment Group Inc. (SEG) hopes that the arrival of the Balloon Museum will revive the area.
"After years of international growth, choosing New York City and an iconic location such as the Tin Building represents an even greater cultural responsibility for our team," said Roberto Fantauzzi, CEO and founder of Lux Entertainment, the company behind the museum, in an official press release. "or this new location, we will present a completely original exhibition featuring newly commissioned works by internationally renowned artists. The Balloon Museum at the Tin Building is a natural evolution and significant leap in scale, not simply a new chapter, but the beginning of a stable and ambitious new dimension for our company.”