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250 Water Street - Wikipedia

Development site in Manhattan, New York

250 Water Street is a site in the Financial District of Lower Manhattan in New York City. Most recently occupied by a parking lot, the site is being developed into a mixed-use building by Seaport Entertainment Group. It has been the subject of various redevelopment proposals since the 1980s. The site is located in the South Street Seaport, one of the city's historic districts.

In the 19th century, a five-story thermometer factory occupied the site.[1] The site also previously held other factories in which work with mercury occurred and a gas station.[2] When the New York City Landmarks Preservation Commission (LPC) established the South Street Seaport Historic District in 1977,[3] local officials had advocated for the LPC to designate 250 Water Street as part of the district.[4] At the time, the site was zoned for high-rise office development, but the New York City Planning Commission had never changed the site's zoning.[4][5] Additionally, the creation of the Seaport district allowed property owners within the district to transfer unused air rights to nearby sites, such as 250 Water Street.[4] By the 1980s, a garage and two-deck parking lot stood on the site of 250 Water Street,[5] which spanned 48,000 square feet (4,500 m2) and covered a whole city block.[4]

Milstein Properties proposals[edit]

Milstein Properties purchased the site in 1979 for $5.8 million.[6] Due to the site's location at the edge of the South Street Seaport Historic District, the LPC was required to approve all proposals for the site.[7] Eight proposals by Milstein failed to gain LPC approval.[6] Milstein's failures were likely informed by Milstein's 1981 conversion of the New York Biltmore Hotel to an office building.[8] The hotel had been gutted so rapidly that almost nothing was salvageable,[9][10] and preservationists had been disappointed that Milstein did not preserve the building's Palm Court.[8] Residents of Southbridge Towers, to the north, consistently opposed Milstein's plans for fear that they would lose direct views of the East River directly to the south.[4] There were also persistent concerns over each proposal's floor area ratio (FAR), or the ratio of interior space to land area;[4] the LPC consistently cited the plans' "scale" as a reason for denying these plans.[11]

Milstein's first two proposals for the site were designed by architect Ulrich Franzen.[12][4] The first plan called for a 23-story structure with 944,000 square feet (87,700 m2), but it was rejected due to objections over its high FAR of 18.[4] Franzen's second plan called for a 577,000-square-foot (53,600 m2), 43-story building with a lower FAR of 12;[12] this plan would have included a plain beige-brick tower and a red-brick base blending in with nearby structures.[13] Though the tower would have been narrower than in the previous proposal, residents still opposed it.[12][14] In 1986, Jan Hird Pokorny was hired to design an Art Deco-inspired building,[15] which would have consisted of twin apartment towers with 12 and 30 stories, in addition to a facade blending in with surrounding buildings.[16] Robert Sobel of Emery Roth & Sons submitted a fourth proposal in early 1989, which called for a 14-story office building.[4][17] Despite being smaller than any of the three previous proposals,[18] Sobel's plan was near-universally opposed for being too large.[11] Later in 1989, Milstein hired Platt & Byard to design a 15-story building with 477,000 square feet (44,300 m2).[5] By then, the delays in the development of 250 Water Street had also impacted nearby developments.[19]

The Platt & Byard proposal, designed by Charles A. Platt and Paul Spencer Byard, was approved in 1991; the plans were downsized to a 10-story structure with a mechanical penthouse.[20] Due to a financial downturn, it was never built.[21][22] Yet another proposal was put forth in 1997,[21] which called for twin towers measuring 14 and 30 stories tall.[21][23] The new plans again faced pushback,[21][22] and opponents created an alternative proposal for townhouses measuring 5 to 7 stories tall.[24] Opponents also suggested using the site as a public park with a shaft for New York City Water Tunnel No. 3.[22] Manhattan Community Board 1 voted in favor of downzoning 250 Water Street in 2002,[25][26] imposing a height limit of 120 feet (37 m).[23] An eighth proposal was unveiled in 2003, shortly after mayor Michael Bloomberg announced plans to rebuild Lower Manhattan.[27] This proposal, which also faced opposition,[28][26] called for two towers measuring 13 and 24 stories tall.[27][28]

Howard Hughes Corporation proposals[edit]

The Howard Hughes Corporation purchased the site in 2018 from Milstein Properties for $180 million.[29] Milstein provided a $130 million loan to Howard Hughes to finance the purchase.[30] At the time of the sale, Howard Hughes owned several nearby sites.[30][31] After the acquisition, the first plans for the site were revealed in early 2020, though Howard Hughes denied they were reflective of their real intentions for the site.[32] The organization claimed in a statement that the designs had leaked as part of the portfolio of a former Skidmore, Owings & Merrill architect and were not reflective of real plans.[32] The leaked plans depicted a 1,052-foot tower clad in brick.[32] Later in 2020, official plans calling for a development with two towers rising from a single podium were released.[33]

A third proposal, featuring four shorter, closely gathered towers rising from a single podium and forming a single structure, was made public in early April 2021.[34] The Landmarks Preservation Commission approved this design in early May.[35] In addition to this approval, the project must go through the city's Uniform Land Use Review Procedure for work to begin.[35] The ULURP process began in May 2021,[36] but the vote was not planned to occur until 2022.[36] The Howard Hughes Corporation agreed in October 2021 to pay $40 million for air rights above the former Fulton Fish Market's Tin Building and Pier 17.[37] Subsequently, the city government approved plans for the site at the end of 2021.[38][39] The 26-story building was to rise 324 feet (99 m) and contain 270 apartments (including at least 70 affordable housing units), as well as offices.[7] During an archaeological dig conducted on and near the site which began in 2022, workers found historical artifacts including shoe components, ceramics, and glass.[40]

Opposition to development[edit]

Designs commissioned by Milstein Properties faced opposition from locals, including by Paul Goldstein, then chairman of Manhattan Community Board 1's Waterfront, Parks & Cultural Committee, who proposed that the site might be used as a tow pound instead of a building.[8] The various Skidmore, Owings & Merrill designs have also faced opposition outside the LPC.[6][41] Opponents of the development criticize it for its scale compared to the local historic district and for its introduction of housing units into a flood zone.[41]

A lawsuit filed during mid-2021 in an effort to prevent the development was dismissed in October of the same year,[42][43] but opponents continued to pursue legal action.[44] In a final attempt to prevent 250 Water Street from being built, the Seaport Coalition filed a lawsuit in July 2022 to prevent Howard Hughes's development from proceeding.[7] In October 2022, New York Supreme Court judge Arthur Engoron placed an injunction on the development. According to Engoron, the LPC had rejected four proposals to develop that lot since the 1980s, but, in approving the Howard Hughes proposal, "the LPC failed adequately to acknowledge, much less explain, its departure from previous rulings."[45][46] Engoron ruled against Howard Hughes in January 2023, saying that the developer and the LPC had agreed to an "impermissible quid pro quo".[47][48] Howard Hughes planned to appeal Engoron's decision.[49] In June 2023 Engoron's ruling was overturned;[50][51] the state's highest court, the New York Court of Appeals, endorsed the decision to overturn Engoron's ruling in May 2024, allowing construction to proceed.[52][53]

Construction and ownership changes[edit]

By early August 2023, the surface-level parking lot on the site was removed, and excavation was underway.[54] During construction, in 2024, ownership of the project was transferred to the newly-formed Seaport Entertainment Group as part of its spin-off from Howard Hughes.[55][56] That August, Howard Hughes also obtained the air rights above the Tin Building and Pier 17, as per its 2021 agreement with the city government.[57][58] The 250 Water Street site was valued at $143 million by 2025, and in March, Seaport Entertainment indicated that it wanted to either sell the site or find a development partner.[59][60][61] By May, Seaport had received over 130 bids for the site; the winning bidder would be able to take over Seaport Entertainment's plans.[62]

Current plans call for a 26-story building with 550,000 square feet (51,000 m2), including 399 residential units.[54][62] Of these units, 100 will be affordable.[54] The building will also include office space and a retail component.[54]

  1. ^ Margolies, Jane (June 7, 2019). "The Toxic Secret Underneath the Seaport". The New York Times. ISSN 0362-4331. Archived from the original on July 19, 2023. Retrieved May 11, 2021.
  2. ^ Sohn, Amy (May 6, 2021). "How a $180 Million Parking Lot Could Change N.Y.C.'s Historic Character". The New York Times. ISSN 0362-4331. Archived from the original on May 8, 2021. Retrieved May 11, 2021.
  3. ^ "Historic Tag on South St". Daily News. May 11, 1977. p. 8. Retrieved May 29, 2025.
  4. ^ a b c d e f g h i Oser, Alan S. (April 23, 1989). "Perspectives: South Street Seaport; The Search for an 'Appropriate' Design". The New York Times. ISSN 0362-4331. Retrieved May 29, 2025.
  5. ^ a b c Shepard, Joan (October 27, 1989). "5th Bid for Okay on Bldg". Daily News. p. 747. Retrieved May 29, 2025.
  6. ^ a b c Pereira, Sydney (January 5, 2021). "Opponents Of Lower Manhattan Towers Would Prefer A Tow Pound Instead". Gothamist. Archived from the original on September 14, 2023. Retrieved May 7, 2021.
  7. ^ a b c Guse, Clayton (July 24, 2022). "Lower Manhattan groups sue to stop tower from being constructed atop South Street Seaport parking lot". New York Daily News. Archived from the original on January 14, 2023. Retrieved January 14, 2023.
  8. ^ a b c Dunlap, David W. (June 9, 1991). "Commercial Property: South Street Seaport; At Last, A Plan Wins In Landmark District". The New York Times. ISSN 0362-4331. Archived from the original on May 7, 2021. Retrieved May 7, 2021.
  9. ^ McManus, Doyle (August 18, 1981). "Fast Remodeling Angers N. Y Preservationists: Clock Gone; Time Runs Out for Biltmore". Los Angeles Times. p. B10. ProQuest 152865350.
  10. ^ Sulzberger, A. O. Jr. (September 20, 1981). "Landmarks Panel Adopts Bolder Tack". The New York Times. ISSN 0362-4331. Archived from the original on November 9, 2022. Retrieved November 9, 2022.
  11. ^ a b Dunlap, David W. (March 1, 1989). "Seaport Project Again Opposed By Its Neighbors". The New York Times. ISSN 0362-4331. Retrieved May 29, 2025.
  12. ^ a b c Dunlap, David W. (July 25, 1984). "Apartment Tower Is Proposed in Seaport District". Archived from the original on September 14, 2023. Retrieved May 11, 2021.
  13. ^ Dunlap, David W. (July 25, 1984). "Apartment Tower Is Proposed in Seaport District". The New York Times. ISSN 0362-4331. Retrieved May 29, 2025.
  14. ^
  15. ^ Dunlap, David (August 27, 1986). "Landmarks Panel Turns Down Tower for Seaport District". The New York Times. Archived from the original on September 14, 2023. Retrieved May 11, 2021.
  16. ^ Dunlap, David W. (November 2, 1986). "Landmarks Panel Studies History, Rules on the Future". The New York Times. ISSN 0362-4331. Retrieved May 29, 2025.
  17. ^ Berkowitz, Harry (July 24, 1989). "Creators Conform New York's Building Designers Pay Attention to Neighborhood". Newsday. pp. 114, 123, 124. Archived from the original on August 24, 2021. Retrieved August 24, 2021.
  18. ^ Moss, Michael (January 4, 1989). "Development Deal to Enrich Seaport". Newsday. p. 17. Retrieved May 29, 2025.
  19. ^ Dunlap, David W. (February 11, 1990). "Commercial Property: South Street Seaport; Delays in Redevelopment Imperil Historic Properties". The New York Times. ISSN 0362-4331. Retrieved May 29, 2025.
  20. ^ "Building at 250 Water Street Wins Approval After 8 Years". The New York Times. May 29, 1991. ISSN 0362-4331. Retrieved May 29, 2025.
  21. ^ a b c d Jacobs, Andrew (March 23, 1997). "Plan for Apartment Towers Returns. So Do Protests". The New York Times. ISSN 0362-4331. Retrieved May 29, 2025.
  22. ^ a b c Feldman, Amy (July 15, 1996). "Milsteins and Landmarks Set to Rumble Downtown". Crain's New York Business. Vol. 12, no. 29. p. 11. ProQuest 219099960.
  23. ^ a b Herman, Eric (October 23, 2002). "Milsteins Face Community Protests". New York Daily News. p. 33. ISSN 2692-1251. ProQuest 305738262.
  24. ^ Stamler, Bernard (June 8, 1997). "Latest Plan Joined by Counterplan in Landmarks Fight at 250 Water St". The New York Times. ISSN 0362-4331. Retrieved May 29, 2025.
  25. ^ "Community Boards". Observer. December 2, 2002. Retrieved May 29, 2025.
  26. ^ a b "Proposed South Street Seaport Development Under Fire". Real Estate Weekly. January 29, 2003. Retrieved May 29, 2025 – via Free Online Library.
  27. ^ a b Bagli, Charles V. (January 22, 2003). "Battle Nears Over Rezoning Near Seaport". The New York Times. ISSN 0362-4331. Retrieved May 29, 2025.
  28. ^ a b Herman, Eric (January 22, 2003). "Manhattan Apts. Feeling a Big Chill". New York Daily News. p. 26. ISSN 2692-1251. ProQuest 305755472.
  29. ^ Samtani, Hiten; Maurer, Mark (June 11, 2018). "Howard Hughes Buys Milstein's Seaport Site for $180M". The Real Deal New York. Archived from the original on April 16, 2021. Retrieved May 7, 2021.
  30. ^ a b Bautista, Christian (June 22, 2018). "Milstein Lends $130M on Seaport Site It Long Owned". The Real Deal New York. Archived from the original on May 8, 2021. Retrieved May 8, 2021.
  31. ^ Baird-Remba, Rebecca (October 13, 2021). "Howard Hughes Battles Parents, Preservationists to Build 250 Water Street". Commercial Observer. Archived from the original on March 27, 2023. Retrieved January 14, 2023.
  32. ^ a b c Londono, Vanessa (May 4, 2020). "Renderings Revealed for SOM's Supertall 250 Water Street, In South Street Seaport District". New York YIMBY. Archived from the original on May 7, 2021. Retrieved May 7, 2021.
  33. ^ Londono, Vanessa (October 23, 2020). "Howard Hughes Corporation Announces Plans for Two-Tower Development at 250 Water Street in South Street Seaport". New York YIMBY. Archived from the original on February 28, 2021. Retrieved May 7, 2021.
  34. ^ Jones, Orion (April 6, 2021). "Howard Hughes Revision Meets Opposition at 250 Water Street". The Real Deal New York. Archived from the original on May 7, 2021. Retrieved May 7, 2021.
  35. ^ a b Hickman, Matt (May 4, 2021). "SOM's Shorter 250 Water Street Tower Approved for the South Street Seaport". The Architect's Newspaper. Archived from the original on May 5, 2021. Retrieved May 7, 2021.
  36. ^ a b Baird-Remba, Rebecca (October 13, 2021). "Howard Hughes Battles Parents, Preservationists to Build 250 Water Street". Commercial Observer. Archived from the original on July 19, 2023. Retrieved October 18, 2021.
  37. ^ Modi, Priyanka (October 25, 2021). "Howard Hughes to Pay $40 Million to Seaport Museum". The Real Deal New York. Archived from the original on February 4, 2023. Retrieved January 14, 2023.
  38. ^ Dilakian, Steven (December 29, 2021). "Howard Hughes Snags Approval for Seaport Tower 250 Water Street". The Real Deal New York. Archived from the original on January 14, 2023. Retrieved January 14, 2023.
  39. ^ Gannon, Devin (January 5, 2022). "$850M South Street Seaport Project Gets Final Approval". 6sqft. Archived from the original on January 14, 2023. Retrieved January 14, 2023.
  40. ^ "At 250 Water St., Digging Into the Seaport's 18th-Century Past". Tribeca Trib Online. November 17, 2022. Archived from the original on January 14, 2023. Retrieved January 14, 2023.
  41. ^ a b Sohn, Amy (May 6, 2021). "How a $180 Million Parking Lot Could Change N.Y.C.'s Historic Character". The New York Times. ISSN 0362-4331. Archived from the original on May 8, 2021. Retrieved May 8, 2021.
  42. ^ Small, Eddie (October 5, 2021). "Judge Dismisses Legal Challenge Aiming to Stop Controversial Seaport Tower". Crain's New York Business. Archived from the original on January 14, 2023. Retrieved October 18, 2021.
  43. ^ Chung, Jen (October 6, 2021). "Judge Dismisses Lawsuit Opposing Controversial 250 Water Street Seaport Building". Gothamist. Archived from the original on January 14, 2023. Retrieved January 14, 2023.
  44. ^ Small, Eddie (February 9, 2022). "Seaport Community Groups File New Lawsuit Against Howard Hughes Tower". Crain's New York Business. Archived from the original on January 14, 2023. Retrieved January 14, 2023.
  45. ^ Johnson, Stephon (October 14, 2022). "Seaport Residents Cheer After Judge Halts Construction of Skyscraper; Developer Says It's Just a Temporary Roadblock". The City. Archived from the original on January 14, 2023. Retrieved January 14, 2023.
  46. ^ Dilakian, Steven (October 14, 2022). "Judge Pauses Howard Hughes Seaport High-Rise". The Real Deal New York. Archived from the original on January 14, 2023. Retrieved January 14, 2023.
  47. ^ Bellafante, Ginia (January 27, 2023). "In Affordable Housing V. Parking Lot, A Judge Chooses the Lot". The New York Times. ISSN 0362-4331. Retrieved May 15, 2025.
  48. ^ Modi, Priyanka (January 13, 2023). "Howard Hughes' 250 Water Street Project Stopped by Judge". The Real Deal New York. Archived from the original on February 2, 2023. Retrieved January 14, 2023.
  49. ^ Bellafante, Ginia (January 27, 2023). "In Affordable Housing V. Parking Lot, A Judge Chooses the Lot". The New York Times. ISSN 0362-4331. Archived from the original on April 28, 2023. Retrieved February 5, 2023.
  50. ^ Hallum, Mark (June 6, 2023). "250 Water Street's Development to Proceed After Appellate Court Ruling". Commercial Observer. Archived from the original on July 19, 2023. Retrieved July 18, 2023.
  51. ^ Brenzel, Kathryn (June 6, 2023). "Appeals Court Revives Howard Hughes' Seaport Project". The Real Deal. Retrieved May 15, 2025.
  52. ^ Brenzel, Kathryn (May 21, 2024). "Howard Hughes' Seaport Project Gets Green Light". The Real Deal. Retrieved May 15, 2025.
  53. ^ Rizzi, Nicholas (May 21, 2024). "NY's Top Court Rejects Challenge to Howard Hughes' 250 Water Street". Commercial Observer. Retrieved May 15, 2025.
  54. ^ a b c d Young, Michael; Pruznick, Matt (August 8, 2023). "Excavation Progresses for SOM's 250 Water Street in South Street Seaport, Manhattan". New York YIMBY. Retrieved November 30, 2023.
  55. ^ "Seaport Entertainment Group Completes Separation from Howard Hughes Holdings". Seaport Entertainment Group. August 1, 2024. Retrieved August 10, 2024 – via BusinessWire.
  56. ^ Hallum, Mark (July 19, 2024). "Howard Hughes Board of Directors Approves Seaport Entertainment Split". Commercial Observer. Retrieved October 8, 2024.
  57. ^ Paul, Bubny (August 14, 2024). "Howard Hughes Acquires Air Rights for 250 Water St. Project". Connect CRE. Retrieved May 15, 2025.
  58. ^ "Howard Hughes Buys $40M Air Rights for 250 Water St Project". The Real Deal. August 15, 2024. Retrieved May 15, 2025.
  59. ^ Elstein, Aaron (March 11, 2025). "South Street Seaport Owner Plans to Sell Prime Parcel for Residential Tower". Crain's New York Business. Retrieved May 15, 2025.
  60. ^ Russo, Anthony (March 12, 2025). "Developer Weighs Options for 250 Water Street Mixed-Use Development". GlobeSt. Retrieved May 15, 2025.
  61. ^ "Howard Hughes Spinoff Reverses Course on 250 Water Street". The Real Deal. March 12, 2025. Retrieved May 15, 2025.
  62. ^ a b Elstein, Aaron (May 13, 2025). "Vacant Lot in Financial District Draws Interest from Suitors". Crain's New York Business. Retrieved May 15, 2025.

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