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

[Busy Bee]

As they show the wrong rendering.

[chris08876]

Credit: AntonioL

[chris08876]

Credit: Michael Young via NYY

[NYguy]

https://commercialobserver.com/2024/05/250-water-street-appeal-rejection/

NY’s Top Court Rejects Challenge to Howard Hughes’ 250 Water Street Development


BY NICHOLAS RIZZI
MAY 21, 2024

Howard Hughes Corporation’s plan for a 27-story residential development at 250 Water Street in Manhattan likely cleared its final legal hurdle after the state’s highest court rejected a challenge by a local group opposed to the project.

The New York State Court of Appeals on Tuesday shot down a motion from local groups calling to reject the decision by the Landmarks Preservation Commission (LPC) to allow the 400-unit apartment building to be built on a parking lot in the South Street Seaport historic district.

The ruling, along with the state’s recently passed extension to the 421a development tax exemption, means its full steam ahead for the project that broke ground in 2022, Howard Hughes Corporation officials said.

“For too long, the lot at 250 Water Street has been an underutilized part of the Seaport,” Howard Hughes CEO David O’Reilly said in a statement. “Today’s decision marks a major win for Lower Manhattan and the city, and paves the way for Seaport Entertainment Group to begin construction on a vibrant, mixed-use project that will be a significant contribution to the neighborhood.” (Seaport Entertainment Group is a Howard Hughes subsidiary.)

[mrnyc]

i dk if they remediated when they took the parking lot out, but i wouldnt linger around here during dusty construction — per hh:


There are environmental benefits to consider
The thermometer factories near the project's site may be gone, but their chemical remnants, mercury among them, leaked belowground. To that end, the Howard Hughes Corporation has applied for inclusion in the Brownfield Cleanup Program to remove the hazardous materials, and the cleanup would take place before the new construction.

[NYguy]

https://commercialobserver.com/2024/08/howard-hughes-seaport-air-rights-sale/

Howard Hughes Buys Seaport District Air Rights for $40M


By Abigail Nehring
August 13, 2024

The Howard Hughes Corporation made good on its end of the deal with New York City to develop a 399-unit residential tower at 250 Water Street.

Howard Hughes paid the city $40 million for the air rights of Pier 16 and Pier 17 at the South Street Seaport, which it will use to develop a long-in-the-works 27-story building, according to property records made public Monday.

[SkyHigher]

so it's one tower now? the more this delayed the better and hopefully one day something above 700ft will arrive.

[Busy Bee]

Who knows really? Is there an oracle we can address this question to?

[Crawford]

This tower is going forward. The NIMBYs destroyed it, so we're getting a banal box.

[NYguy]

Of course they use the old rendering.


https://nypost.com/2025/01/26/business/l...another-delay-after-change-of-ownership/

Long-stalled Seaport project faces another delay after change of ownership





By Steve Cuozzo
Jan. 26, 2025

As reported in The Post on Friday, the Seaport’s new owner-operators, Seaport Entertainment Group (SEG), signed hospitality company Grupo Gitano to a nearly 14,000 square-foot lease on Pier 17, where it will replace the Pearl Alley bar-lounge complex by late February or early March.

But the largest issue at the Seaport — a complex of mostly historic buildings centered around South Street and Fulton Street with 470,000 square feet of retail, dining and entertainment uses — involves 250 Water Street, the one-acre site next door that’s empty eight years after HHC bought the land for $180 million.

A downtown analyst said, “Even though the site is fully entitled for the project, SEG might need help. They’re either looking for a development partner or for a developer to buy it outright.”

SEG senior vice president Ellie Chamberland would only say, “We anticipate additional announcements regarding the future of 250 Water Street in the coming months.”

[BanBrokenChatBots]

So instead of receiving an actual tower/skyscraper the city is only getting the 25-story treatment in banality?! The NIMBYs fought so good architecture couldn't be built

[DCReid]

But could this be a positive for a better and taller development with the change in the NYC's administration to actively push for more residential development?

[NYguy]

https://www.crainsnewyork.com/real-estat...-plans-sell-vacant-lot-residential-tower

South Street Seaport owner plans to sell prime parcel for residential tower


AARON ELSTEIN
March 11, 2025

The South Street Seaport’s owner is looking to sell all or part of 250 Water St. after winning a lengthy legal battle for the right to develop a 26-story building with 399 apartments on the vacant downtown site.

There’s no stated asking price for the property, which a predecessor to Seaport Entertainment Group acquired for about $180 million in 2018. The land has a gross carrying value of $143 million, according to Seaport’s annual report.

“The best value for the company is going to be realized either through an outright sale to a developer and an operator who specializes in multi-family and mixed-use developments, or to partner with someone with this expertise,” Anton Nikodemus, chief executive of Seaport Entertainment, said on a conference call this morning.

Seaport’s decision to retreat from 250 Water St. is startling because management fought three years for the right to develop the site. Community groups argued a new 550,000 square-foot tower would compromise the protected neighborhood’s historic character, but last year the state Court of Appeals ruled that development could proceed.

After last year’s spin off was completed, the newly independent Seaport raised $175 million in cash by selling shares, but management has decided that developing a tower isn’t the best use of the proceeds. Nikodemus said on the call that the 250 Water site is eligible for tax incentives under 421-a, an expired program for developers who build affordable housing.

“Given this tax abatement structure, we believe the project's development opportunity is especially attractive,” he said.

[Busy Bee]

Well maybe starting from scratch will see another developer pitch something much better.

[NYguy]

I just don’t know if a new buyer would want to go through a new development war with the NIMBYs.


https://therealdeal.com/new-york/2025/03/12/the-howard-hughes-spinoff-reverses-course-on-250-water/

….”The best value for the company is going to be realized either through an outright sale to a developer and an operator who specializes in multi-family and mixed-use developments, or to partner with someone with this expertise,” SEG chief executive officer Anton Nikodemus said on a conference call on Tuesday.

JLL is fielding bids for the site.

The site’s development approval is for 26 stories and 399 units. Howard Hughes broke ground in 2022 and placed foundation footings by June 15, 2022, so the site qualifies for the 421a tax abatement after the completion deadline for the program was extended to June 2031.

[NYguy]

https://nypost.com/2025/07/13/business/s...ling-offers-for-250-water-st-vacant-lot/

Seaport Entertainment mulling offers for 250 Water St. vacant lot





By Steve Cuozzo
July 13, 2025

All summer eyes are on Seaport Entertainment Group, which is mulling offers for its valuable 1.1-acre vacant lot at 250 Water St., even as it grapples with losses at the Seaport’s Tin Building.

After Howard Hughes Corp. spun off SEG last summer, it wasn’t clear what the new owners would do with 250 Water St., a short stroll from the Seaport’s busy Pier 17, where HHC spent years planning and winning city approvals for a new, mixed-use project.

We predicted in January that SEG, which is not in the development business, would put the site up for sale. Two months later, they tapped JLL to sift offers, Crains reported. Seaport CEO Anton Nikodemus said in a conference call that more than 130 “potential buyers or partners” expressed interest.

Now, sources told Realty Check, they’ve winnowed the list down to three or four, but no names have yet emerged. SEG didn’t respond to multiple requests for comment.

[chris08876]

This is one parcel that should take advantage of the city of yes and favorable legislation.

This site deserve something bigger and something that will not waste a great opportunity to get high units.

[Busy Bee]

Yes, the city needs to steer this and issue a fuck off to the selfish NIMBY neighbors.

[NYguy]

Originally Posted by chris08876

This is one parcel that should take advantage of the city of yes and favorable legislation.

This site deserve something bigger and something that will not waste a great opportunity to get high units.

Yes it does. Such a waste.

[Doubleu1117]

This is a great second chance for this development. Interested to see who scoops up the site. Similar to 375 Pearl (Verizon building), this location will feel pretty prominent if anything of 500 ft+ goes up. Right next to the bridge and waterfront, would be front in center from a lot of angles.