Tavros has closed on the acquisition of 250 Water St. from Seaport Entertainment Group (SEG). The one-acre mixed-use development project, spanning a full block in Lower Manhattan’s Seaport neighborhood, was acquired for $143.0 million.
Tavros plans 600-unit ground-up residential asset, with 25% of the apartments to be 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.
“The South Street Seaport is one of the most historically significant locations in New York City and it has evolved into a dynamic residential neighborhood,” said Nicholas Silvers, a founding partner of Tavros. “We are thrilled to help carry forward a project that will have a meaningful impact on Manhattan for decades to come.”
The JLL Capital Markets team representing SEG was led by senior managing directors Andrew Scandalios and Ethan Stanton and senior director Nicco Lupo. JLL’s Debt & Equity team advised the buyer and included senior managing director Christopher Peck and senior director Nicco Lupo.
250 Water St. is one of the last remaining full-block development opportunities in Lower Manhattan. It was originally acquired by Howard Hughes Holdings, SEG’s former parent, in June 2018.
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