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.

[ChiND]

Could they build higher without going through city reviews? I thought that the most recent design looked good, but I'd like to see the developers stick it to the NIMBYS and block their views.

[chris08876]

Originally Posted by ChiND

Could they build higher without going through city reviews? I thought that the most recent design looked good, but I'd like to see the developers stick it to the NIMBYS and block their views.

I do hope they file renewed applications. A site like this is too prime for it to be underwhelming. And the scope is not out of lunacy either considering, well, the surroundings. This needs 100 Gold Street levels of units and hopefully not take 5 years of community engagement for it to rise (like 100 Gold ).

[ChiND]

Originally Posted by chris08876

I do hope they file renewed applications. A site like this is too prime for it to be underwhelming. And the scope is not out of lunacy either considering, well, the surroundings. This needs 100 Gold Street levels of units and hopefully not take 5 years of community engagement for it to rise (like 100 Gold ).

I agree, Chris.

[NYguy]

Originally Posted by ChiND

Could they build higher without going through city reviews? I thought that the most recent design looked good, but I'd like to see the developers stick it to the NIMBYS and block their views.

They had to fight just to get it to where it is now. I don’t think anybody would purchase it just to gear up for more years of fighting.

https://investor.howardhughes.com/news-r...ings-announces-victory-250-water-street/

The 2021 approval of 250 Water Street capped a comprehensive public review process. HHH obtained approvals from New York City’s Landmarks Preservation Commission and through the City's Uniform Land Use Review Procedure, which included review by Manhattan Community Board 1, the Manhattan Borough President, City Planning Commission, and City Council. The project broke ground in 2022 and completed environmental remediation last year.

[ChiND]

Originally Posted by NYguy

They had to fight just to get it to where it is now. I don’t think anybody would purchase it just to gear up for more years of fighting.

https://investor.howardhughes.com/news-r...ings-announces-victory-250-water-street/

That's what I figured. It looks nice anyway and still probably blocks those idiots' views. They should be grateful to be in Mitchell-Lama to begin with.

[NYguy]

https://nypost.com/2026/02/08/business/250-water-st-sells-for-7-5m-less-than-asking/

250 Water St. sells for $7.5M less than asking — with ‘deeply affordable’ rental units on the horizon





By Steve Cuozzo
Feb. 8, 2026

Privately owned developer Tavros just closed on its long-awaited purchase of the empty one-acre site at 250 Water St. for a lower price than previously announced — and it plans a big increase in the number of rental apartments the mixed-use project will have.

Tavros paid $143 million, or less than the $150.5 million reported last summer and even farther below the $180 million that previous owner Howard Hughes Corp. paid in 2018. JLL brokered the transaction. Atlas Capital provided an equity investment alongside Tavros.

More important for Lower Manhattan, the new plan for 250 Water St. will have 600 rental units compared with 400 previously planned by HHC spinoff Seaport Entertainment Group. Some 25% of them will be affordable of which 80% will be “deeply” affordable, Tavros said.

The company plans to use the facade and massing previously drawn up by Skidmore, Owings & Merrill — but Fogarty Finger has been tapped as the new design architect and architect of record.

[Busy Bee]

I'm curious to what extent this will be reworked. Are we looking at a height increase? Are the new architects just being brought on to redesign the interiors for the new unit count, and the exterior essentially stays the same. I'd be surprised something on the outside doesn't change.

[NYguy]

Originally Posted by Busy Bee

I'm curious to what extent this will be reworked. Are we looking at a height increase? Are the new architects just being brought on to redesign the interiors for the new unit count, and the exterior essentially stays the same. I'd be surprised something on the outside doesn't change.

I'm not sure, but we're talking about a 50% increase in units, so it should
translate into something taller. This was approved before City of Yes, so they should get some increase for that alone.

More important for Lower Manhattan, the new plan for 250 Water St. will have 600 rental units compared with 400 previously planned by HHC spinoff Seaport Entertainment Group. Some 25% of them will be affordable of which 80% will be “deeply” affordable, Tavros said.

[NYguy]

https://finance.yahoo.com/news/tavros-acquires-250-water-street-164200179.html

Tavros is planning a 600-unit ground-up residential asset, with 25% of the apartments to be affordable, and of that 25%, 80% will be deeply affordable. A five-story podium with ground floor retail and four floors of commercial space will anchor the base of the building.

Tavros plans to use the façade and massing previously designed by Skidmore, Owings & Merrill; going forward, Fogarty Finger will be the design architect and architect of record.

[mrnyc]

250 Water plans could break ground this winter

May 15, 2026 • Real Estate


The plans for 250 Water, the block-square site in the South Street Seaport Historic District, seemed to be stalled out just before the site was sold in 2025. But now in an announcement that the building will include a 76,000-square-foot Chelsea Piers facility, the new developers said they will break ground this winter.

more:
https://tribecacitizen.com/2026/05/15/250-water-plans-could-break-ground-this-winter/


Model by the Seaport Coalition