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250 Water Street is a significant mixed-use development located in the South Street Seaport. Developed by Tavros and designed by Fogarty Finger, this 27-story building will house 600 rental apartments, 25 percent of which will be affordable. The project will include a five-story, 76,000-square-foot Chelsea Piers fitness club as well as 35,000 square feet of retail space and landscaped public space. Groundbreaking is estimated for winter 2026.
This progress marks a pivotal moment for the project, which aims to enhance the South Street Seaport with its modern design and diverse offerings. While specific details about apartment layouts or notable residents are not provided, the building's strategic location and comprehensive amenities are expected to attract a wide range of tenants. The inclusion of affordable housing units underscores a commitment to community diversity and accessibility.
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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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