**Tavros Acquires 250 Water Street for $143 Million, Plans 600-Unit Residential Development**
Tavros has officially closed on the acquisition of 250 Water Street in Lower Manhattan’s historic Seaport neighborhood from Seaport Entertainment Group (SEG). The one-acre, full-block mixed-use development site was purchased for $143 million.
The New York-based development firm plans a 600-unit ground-up residential project on the site, with 25% of the apartments designated as affordable units. The development will be anchored by a five-story podium featuring ground-floor retail and four levels of commercial space above. Tavros intends to utilize the massing and façade initially designed by architecture firm Skidmore, Owings & Merrill. Going forward, Fogarty Finger will serve as both the design architect and the architect of record.
“The South Street Seaport is one of the most historically significant locations in New York City and it has evolved into a dynamic residential neighborhood,” said Nicholas Silvers, founding partner at Tavros. “We are thrilled to help carry forward a project that will have a meaningful impact on Manhattan for decades to come.”
The JLL Capital Markets team represented SEG in the sale. The team was led by Senior Managing Directors Andrew Scandalios and Ethan Stanton, along with Senior Director Nicco Lupo. JLL also advised Tavros on the capital strategy through its Debt & Equity platform, with Senior Managing Director Christopher Peck and Senior Director Nicco Lupo facilitating the transaction.
250 Water Street is among the last remaining full-block development opportunities in Lower Manhattan. The property was previously acquired in June 2018 by Howard Hughes Holdings, SEG’s former parent company.
