New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Howard Hughes Acquires Air Rights for 250 Water St. Project
Howard Hughes Holdings has acquired air rights from the city for its long-planned 250 Water St. residential project in the Seaport District, according to New York City Department of Finance records. The payment grants the developer air rights over Piers 16 and 17.
The air rights agreement between Howard Hughes and the city dates from 2021. At that time, the developer agreed to pay $40 million for air rights it would use to develop its 399-unit apartment tower, with part of the payment going to support the nonprofit South Street Seaport Museum.
In the interim, the project became the subject of a court challenge from nearby residents. Manhattan Supreme Court Justice Arthur Engeron sided with the residents, ruling in late 2022 that the city’s Landmarks Preservation Commission and Howard Hughes had established an “impermissible” quid pro quo relationship. A state appeals court overturned the lower court ruling in 2023.
- ◦Sale/Acquisition
- ◦Development