I saw the story in Crain’s and checked the city records: Seaport Entertainment Group, which spun off from Howard Hughes Holdings in July 2024, has sold 250 Water, the square block in the South Street Seaport Historic District that was upzoned in spring 2024. This means the plans below, while they show the massing, are now moot.

The sale price was $150.5 million to Tavros, a privately owned real estate investment management and development firm based in the city, according to Seaport Entertainment Group’s press release. Howard Hughes bought the one-acre plot in 2018 for $183 million.

Now I need to track the $50 million promised for the Seaport Museum — did that ever get paid out??

“We believe the anticipated sale … unlocks capital that is poised to enhance our balance sheet, support new sustainable growth opportunities, and create long-term value for our shareholders,” the firm’s president said. “We are confident that Tavros, an experienced and engaged New York City developer, is well-positioned to bring this project to life in a way that respects the character of the neighborhood and contributes positively to the community.”

Downtown, Tavros has developed 448 Broome at Broadway, 621 Greenwich at Leroy, and One Vandam on Sixth Avenue.

250 Water Street was acquired by Howard Hughes in June 2018. The one-acre site spans a full city block, bordered by Peck Slip, Pearl Street, Water Street and Beekman Street, and has plans approved for the construction of a 26-story, mixed-use building with up to 399 residential units (300 market rate rentals, 99 affordable at an average of 40 percent of Area Median Income) and approximately 200,000 square feet of commercial, retail and community space.

From the press release: “The agreement includes a $6.0 million deposit due at signing, with certain provisions to potentially increase the deposit up to $8.5 million and the sale price up to $152.0 million before closing. The deposit is non-refundable, subject to satisfaction of certain closing conditions. Closing on the sale of the property is expected before the end of 2025.”