The New York City-headquartered real estate investment management and development firm Tavros announced it has closed on the acquisition of 250 Water Street, a one-acre mixed-use development parcel spanning a full block in Lower Manhattan’s Seaport neighborhood, for $143 million.
The company said it planned to create a 600-unit ground-up residential asset at the site, with 25% of the apartments to be affordable and 80% of that share being “deeply affordable.” The project will also include a five-story podium with ground floor retail and four floors of commercial space.
The property last changed hands in 2018 when it was purchased for $180 million by the Howard Hughes Corp. Tavros added that it planned to use the façade and massing previously designed by Skidmore, Owings & Merrill, but will partner with Fogarty Finger as the design architect and architect of record for the remainder of the project.
“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.”
Artist’s rendering courtesy of Skidmore, Owings & Merrill
