NEW YORK | 250 Water Street | 2 x 470 FT | 38 FLOORS

[NYguy]

https://www.crainsnewyork.com/real-estat...cant-financial-district-lot-250-water-st

Developer Tavros pays $150 million for vacant Financial District lot


AARON ELSTEIN
August 19, 2025

A 1-acre plot of dirt near the South Street Seaport has changed hands, clearing the way for the new owner to develop a 27-story, 550,000-square-foot apartment tower in the historic Financial District neighborhood.

Tavros, a Flatiron District-based developer, acquired the land at 250 Water St. for $150.5 million, according to an announcement late Monday from Seaport Entertainment Group. The price is $30 million less than Seaport Entertainment’s old owner paid to acquire the plot from the Milstein family in 2018.

Last year a state appeals court ruled that Seaport Entertainment’s former parent, Howard Hughes Holdings, could develop 250 Water after community groups argued that a large building wasn’t appropriate for the landmarked neighborhood. Howard Hughes spun off Seaport Entertainment last summer, and the newly independent company decided to sell the land, which is eligible for incentives under 421-a, a defunct state tax-rebate program for developers who build affordable housing.

Tavros declined to comment. It has developed several New York apartments and office buildings. Earlier this year it teamed up with Charney Cos. to acquire an empty lot near the Gowanus Canal, and the two firms plan to build a 1,000-unit development that they say would be the largest building in the Brooklyn neighborhood.