250 Water St. sells for $7.5M less than asking – Business News
Privately owned developer Tavros simply closed on its long-awaited buy of the empty one-acre web site at 250 Water St. for a decrease price than beforehand introduced — and it plans a large increase within the quantity of rental flats the mixed-use project may have.
Tavros paid $143 million, or less than the $150.5 million reported final summer season and even farther under the $180 million that earlier proprietor Howard Hughes Corp. paid in 2018. JLL brokered the transaction.
An earlier rendering of Skidmore Owings & Merrill design for 250 Water St. Developer says the facade will likely be retained. Skidmore, Owings & Merrill
More important for Lower Manhattan, the new plan for 250 Water St. may have 600 rental models in contrast with 400 beforehand deliberate by HHC spinoff Seaport Entertainment Group. Some 25% of them will likely be “deeply affordable,” the developer mentioned.
The company plans to make use of the facade and massing beforehand drawn up by Skidmore, Owings & Merrill — however Fogarty Finger has been tapped because the new design architect and architect of document.
The building’s taller portion will likely be set on a five-story base with ground-floor retail and different business makes use of. The web site may also have landscaped public space.
SEG, like HHC, is managed by Bill Ackman. SEG which operates close by Pier 17 and different Seaport parts, was spun off from HHC in 2024.
Billionaire Bill Ackman controls Seaport Entertainment Group and Howard Hughes Corp. REUTERS
Nicholas Silvers, a founding accomplice of Tavros, mentioned, “The Seaport is one of the most historically significant locations in New York City and it has evolved a dynamic residential neighborhood We are thrilled to help carry forward a project that will have a meaningful impact on Manhattan for decades to come.”
It wasn’t recognized when ground will likely be damaged.
