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Howard Hughes Continues 250 Water Street Project After Court Ruling
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 decision, along with the State’s extension of the recent 421-a tax exemption, clears the way for the Seaport development to proceed, removing all existing impediments to construction.
“For too long, the lot at 250 Water Street has been an underutilized part of the Seaport,” said David O’Reilly, Chief Executive Officer of Howard Hughes. “Today’s decision marks a major win for Lower Manhattan and the city and paves the way for Seaport Entertainment Group to begin construction on a vibrant, mixed-use project that will be a significant contribution to the neighborhood.”
The 27-story development, designed by Skidmore, Owings & Merrill (SOM), will feature approximately 400 market-rate and affordable rental apartments above a commercial, retail, and community space base. The project underwent a comprehensive public review process and broke ground in 2022, completing environmental remediation last year.
- ◦Development
