The ambitious food hall from Jean-Georges Vongerichten took eight years to build, but only four years to fall apart.

On Monday the company behind the $200 million Tin Building project headed up by the Michelin-starred chef announced the food hall would close, putting an end to the operation that was losing, at one point, $100,000 per day, according to a report last year by Gothamist.

The journey of the Tin Building began a couple decades ago after the Fulton Fish Market on Manhattan‘s southern edge abutting the East River relocated to the Bronx in 2005. In the 2010s, Howard Hughes Corporation approached Vongerichten about a new food hub that was part of the redevelopment of the South Street Seaport. When the food hall opened in 2022, the 53,000-square-foot project was a mix of full-service restaurants, retail, bars, and fast-casual counters. Each of the culinary spots was overseen by Vongerichten, and the plush design was crafted by Roman and Williams Buildings and Interiors. It was like Vongerichten’s answer to Eataly or José Andrés’s Mercado Little Spain. The final price tag for the buildout was reported as $194.6 million at the time.

A confluence of factors led the Tin Building to never live up to expectations. A major strike against it was its location: It was tucked away far down on Manhattan, which made it a difficult place to just drop into for one of its more casual offerings. It didn’t help that the critical reception was lukewarm, either. Over at New York magazine, Adam Platt likened the experience to a “VIP Disney restaurant, or a discreet high-roller noodle den at a Vegas casino, or onboard a cruise ship bobbing out on the ocean, a thousand miles from home.” And when The New York Times critic Pete Wells visited, he found foods he liked, but he felt the place to be uneven and didn’t offer the same rave as when he visited Mercado Little Spain.

“The density of people coming in was not there for the market,” Vongerichten told Eater about the closure. “The restaurants were doing fine.”

Of course, it’s just the latest in a line of big food hall operations in New York City that have gone bust the last few years, from the Market Line to Citizens Market Hall to Williamsburg Food Hall.

So what will happen to this landmarked building now? It’s going to be replaced by the Balloon Museum, an interactive art experience, which will open later this summer.