{"id":126972,"date":"2026-02-08T18:25:08","date_gmt":"2026-02-08T18:25:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/126972\/"},"modified":"2026-02-08T18:25:08","modified_gmt":"2026-02-08T18:25:08","slug":"250-water-st-sells-for-7-5m-less-than-asking","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/126972\/","title":{"rendered":"250 Water St. sells for $7.5M less than asking"},"content":{"rendered":"<p>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<a href=\"https:\/\/nypost.com\/2025\/08\/18\/business\/bill-ackman-backed-firm-selling-long-stalled-seaport-lot-for-150m-a-fraction-of-what-it-sold-for-in-2018\/\" rel=\"nofollow noopener\" target=\"_blank\"> previously announced<\/a> \u2014 and it plans a big increase in the number of rental apartments the mixed-use project will have.<\/p>\n<p>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.<\/p>\n<p>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 \u201cdeeply\u201d\u00a0affordable, Tavros said.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-modal-image=\"38426144\" width=\"734\" height=\"516\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/02\/250-water-street-albany-lawmakers-9414337.jpg\" alt=\"Illustration of the proposed Seaport Tower at 250 Water Street, a multi-story building with a brick-like facade, next to a street with cars and pedestrians.\" class=\"wp-image-38426144\" style=\"width:734px;height:auto;aspect-ratio:1.42222222;display:block\"  \/>An earlier rendering of Skidmore Owings &amp; Merrill design for 250 Water St. Developer says the facade will be retained. Skidmore, Owings &amp; Merrill<\/p>\n<p>The company plans to use the facade and massing previously drawn up by Skidmore, Owings &amp; Merrill \u2014 but Fogarty Finger has been tapped as the new design architect and architect of record.<\/p>\n<p>The building\u2019s taller portion will be set on a five-story base with ground-floor retail and other commercial uses. The site will also have landscaped public space.<\/p>\n<p>SEG, like HHC, is controlled by Bill Ackman. SEG which operates nearby Pier 17 and other Seaport elements, was spun off from HHC in 2024.<\/p>\n<p><img style=\"aspect-ratio:1.49926794;display:block\" loading=\"lazy\" decoding=\"async\" data-modal-image=\"38426142\" width=\"885\" height=\"590\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/02\/bill-ackman-ceo-pershing-square-24793684.jpg\" alt=\"Bill Ackman, CEO of Pershing Square Capital, speaking at the WSJ Digital Conference.\" class=\"wp-image-38426142\"  \/>Billionaire Bill Ackman controls Seaport Entertainment Group and Howard Hughes Corp.  REUTERS<\/p>\n<p>Nicholas Silvers, a founding partner of Tavros, said, \u201cThe 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.\u201d<br \/>It wasn\u2019t known when ground will be broken.<\/p>\n","protected":false},"excerpt":{"rendered":"Privately owned developer Tavros just closed on its long-awaited purchase of the empty one-acre site at 250 Water&hellip;\n","protected":false},"author":2,"featured_media":126973,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[6722,288,1489,54902,75,84,83,9,24,63,1491,3274,293],"class_list":["post-126972","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-apartments","tag-business","tag-commercial-real-estate","tag-howard-hughes","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc","tag-real-estate","tag-realty-check","tag-south-street-seaport"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/126972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=126972"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/126972\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/126973"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=126972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=126972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=126972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}