Tavros has acquired a development project in Manhattan’s Seaport neighborhood for millions less than it agreed to pay last year.
250 Water St., where Howard Hughes Holdings’ Seaport Tower was set to rise.
Seaport Entertainment Group sold 250 Water St., a vacant full-block development site, for $143M. The price is $7.5M less than the $150.5M price announced in August when the deal went under contract.
SEG is a spinoff of developer Howard Hughes Holdings, which planned to build a 400-unit, 27-story tower on the South Street Seaport site after acquiring it in 2018 for $180M.
But legal proceedings got in the way. A judge halted construction in 2022 after a local community group sued the Landmarks Preservation Commission alleging the agency had approved construction without the proper review process. That ruling was overturned on appeal, clearing the site for development.
Tavros is now planning a 600-unit development on the site, setting aside 25% of apartments as affordable housing and a quarter of those units as deeply affordable.
The developer also scored a predevelopment loan from BDT & MSD Partners, plus an equity investment from Atlas Capital covering both acquisition and predevelopment.
JLL represented SEG in the deal, as well as BDT & MSD Partners in the financing.
TOP SALES
A joint venture of Klosed Properties and Namdar Realty Group acquired a 22K SF Meatpacking District retail building at 446 W. 14th St. for $23.5M. The building is fully leased to mini-golf bar The Puttery. Avison Young’s James Nelson, Brent Glodowski, Mitchell Levine and Noah Kossoff represented the seller, an affiliate of Maverick Real Estate Partners. Maverick acquired the building in 2024 after foreclosing on a loan with its previous owner, Thor Equities.
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CMBS bondholders, with Wells Fargo acting as their trustee, acquired 25 W. 45th St. at a foreclosure auction for $45.1M, Crain’s New York Business reported. APF Properties defaulted on the 200K SF prewar building’s mortgage in 2024 after its largest tenant, WeWork, filed for bankruptcy. The building was 40% vacant in October and last year was appraised at $55M with $75M in debt.
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Premier Equities acquired a 76K SF Penn Plaza-area office building at 1220 Broadway for $31.6M from Haddad Brands, PincusCo reported. The seller acquired the property in 2013 for $1.8M.
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Shloime Goldstein bought a development site at 539 W. 54th St. from Excel Development Group for $30M, Crain’s reported. The seller had planned to build a 21-story apartment building on the site but appears to have started too late to qualify for the 421-a tax abatement before it expired. It’s unclear what Goldstein, who financed the deal with a $20M mortgage from Be Aviv, is planning for the site.
TOP FINANCING DEALS
100 William St., where Bushburg is planning to convert a 21-story office building into more than 400 apartments.
Bushburg landed a $78M loan from Oak Funding and OakNorth Bank for the 21-story office building at 100 William St., which the developer plans to convert into more than 400 apartments. Bushburg, which paid a Manulife subsidiary $70M for the property last year, plans to set aside 25% of units as affordable housing.
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Affinius Capital provided a $115M loan to Ranco Capital and the Gilardian Family to refinance a Murray Hill multifamily project at 162 E. 36th St. The borrower will use the loan proceeds to complete construction and stabilize occupancy at the 160-unit, 22-story building. Galaxy Capital’s Henry Bodek arranged the financing.
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GFP Real Estate scored a $191.5M construction loan from Derby Lane for converting the office building at 40 Exchange Place. The Gural-owned firm plans to turn the building into 382 apartments using federal and state Historic Rehabilitation Tax Credits plus a 467-m tax abatement. Newmark’s Jordan Roeschlaub, Chris Kramer and Tim Polglase arranged the financing for GFP.
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World Wide Group and Rabina refinanced a 21-story, 421-unit luxury residential building at 41-42 24th St. in Long Island City with $160.3M from KKR. The development, named QLIC, benefits from a 421-a tax abatement. A JLL capital markets advisory team including Christopher Peck, Lauren Kaufman and Michael Shmuely represented the sponsors.
TOP LEASES
SL Green’s 100 Park Ave., which is now 100% leased after signing professional services company Turner & Townsend to 24K SF.
Professional services company Turner & Townsend, a CBRE subsidiary, signed a 24K SF deal at SL Green’s 100 Park Ave., bringing the 36-story, 905K SF Midtown Manhattan office tower to 100% leased. CBRE’s Mary Ann Tighe, Stephen Eynon and Alessia Lawson represented the tenant. Cushman & Wakefield’s Harry Blair, Barry Zeller, Justin Royce and Pierce Hance represented the landlord.
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JPMorgan Chase expanded by 139K SF at Brookfield Properties’ Five Manhattan West, according to a Colliers report. The deal expands on the bank’s existing space in the property, bringing its total footprint to 565K SF. Although JPMorgan opened its global headquarters at 270 Park Ave. late last year, the expansion is reportedly to accommodate around 10,000 of the firm’s 24,000 NYC-based employees.
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RXR signed financial services firm StoneX to a 21K SF expansion at 230 Park Ave., Commercial Observer reported. The deal expands on the tenant’s existing footprint — now totaling 95K SF — with new space on the 32nd floor adding to its 73K SF on the 10th floor. Asking rents were $120 per SF. Newmark’s Brian Waterman, Scott Klau, Erik Harris, Zach Weil and Cole Gendels represented the landlord alongside Andrew Ackerman and Walter Rooney, who represented RXR in-house.
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Bank of Montreal signed a sublease deal for 82K SF at The Durst Organization’s 151 W. 42nd St., Commercial Observer reported, citing a monthly office leasing report from CBRE. It’s unclear who the sublandlord is or what floors the Canadian bank plans to occupy.