250 Water Street is an $850 million mixed-use project in the South Street Seaport. The 27-story development, designed by Skidmore, Owings & Merrill, will feature 400 rental apartments (including approximately 100 affordable units) and commercial, retail, and community spaces. After overcoming legal challenges and securing a 421-a tax break extension, construction is now moving forward.
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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