Seaport Entertainment Group Inc. has agreed to sell the mixed-use development project located at 250 Water St. in Lower Manhattan for $150.5 million to Tavros, a privately owned real estate investment management and development firm based in New York City. A JLL team led by Andrew Scandalios, Ethan Stanton and Nicco Lupo represented Seaport.
“We believe the anticipated sale of 250 Water St. marks a significant milestone for Seaport Entertainment Group, unlocking capital that is poised to enhance our balance sheet, support new sustainable growth opportunities and create long-term value for our shareholders,” said Anton Nikodemus, chairman, president and CEO of Seaport. “We are confident that Tavros, an experienced and engaged New York City developer, is well-positioned to bring this project to life in a way that respects the character of the neighborhood and contributes positively to the community.”
250 Water St. was originally acquired by Howard Hughes Holdings, Seaport’s former parent, in June 2018. The one-acre site spans a full city block and is currently entitled for the construction of a 26-story, mixed-use building with up to 399 market-rate and affordable residential units and approximately 200,000 square feet of commercial, retail and community space.
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