**Seaport Sells 250 Water Street Development Site to Tavros for $150.5 Million**
Seaport Entertainment Group Inc. has reached an agreement to sell its 250 Water Street development project in Lower Manhattan to Tavros for $150.5 million. Tavros is a privately owned real estate investment and development firm based in New York City. The transaction was brokered by JLL, with a team led by Andrew Scandalios, Ethan Stanton, and Nicco Lupo representing Seaport.
“We believe the anticipated sale of 250 Water Street marks a significant milestone for Seaport Entertainment Group, unlocking capital that is poised to enhance our balance sheet, support new sustainable growth opportunities, and create long-term value for our shareholders,” said Anton Nikodemus, Chairman, President, and CEO of Seaport. “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.”
Originally acquired by Seaport’s former parent company, Howard Hughes Holdings, in June 2018, the one-acre site occupies a full city block. It is fully entitled for the development of a 26-story mixed-use building that will include up to 399 residential units—both market-rate and affordable—as well as approximately 200,000 square feet of commercial, retail, and community space.
This transaction marks a notable moment in the ongoing evolution of Lower Manhattan’s landscape and underscores Tavros’ growing presence within New York City’s development community.
