Howard Hughes Holdings Inc. has received a favorable decision from the New York State Court of Appeals for its 250 Water Street project in Lower Manhattan. This ruling, combined with the State’s extension of the recent 421-a tax exemption, paves the way for Seaport Entertainment Group to move forward with construction on this vibrant mixed-use development.
According to David O’Reilly, Chief Executive Officer of Howard Hughes, “The lot at 250 Water Street has been underutilized for too long in the Seaport area. Today’s decision is a major victory for Lower Manhattan and sets us on track to create a significant contribution to this neighborhood.”
Designed by Skidmore, Owings & Merrill (SOM), this 27-story building will feature approximately 400 market-rate and affordable rental apartments above commercial and retail spaces as well as community areas. The project underwent an extensive public review process before breaking ground in 2022; environmental remediation was completed last year.
This milestone marks an exciting step forward towards revitalizing Lower Manhattan while adhering to all necessary regulations and approvals.
