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250 Water Street is a planned 27 story rental development in the South Street Seaport, with completion slated for 2029. Developed by Tavros and designed by Fogarty Finger, the building is expected to contain 600 apartments, 25 percent of them designated as affordable housing.
The residential program calls for central air conditioning and in-unit washers and dryers. Plans also include a full time doorman, attended lobby, lounge, fitness center, bike room, mail room, garden, and live-in superintendent.
The mixed use project is planned with landscaped public space at its Water Street site in the Financial District. Pets are permitted, and the building’s scale will place it among the larger new rental developments in the Seaport.
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Developer Tavros announced a long-term lease agreement with Chelsea Piers Fitness for its mixed-use development at 250 Water Street in the South Street Seaport Historic District. The fitness brand will open a five-story, 76,000-square-foot fitness club with outdoor space in the building, which is also set to include 35,000 square feet of retail space, new landscaped public space, and 600 apartments, 25 percent of which will be affordable. Groundbreaking is estimated for this coming winter.
In August 2025, developer Tavros purchased 250 Water Street, a vacant lot in the South Street Seaport Historic District, from Seaport Entertainment Group for $150.5 million. This comes about seven years after Howard Hughes Holdings, Seaport Entertainment Group's former parent company, bought the land from the Milstein family. Plans for the empty lot have been put forth and rejected multiple times over the past 30 years, but community groups are wary of a large building rising in the historic district.
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