Tavros Secures Prime Lower Manhattan Block for $143M Mixed-Use Project

Tavros acquires a prime Seaport development site for $143M, planning a 600-unit mixed-use project with a major commitment to deeply affordable housing in NYC.

By: AXL Media

Published: Mar 11, 2026, 5:31 AM EDT

Source: https://www.multihousingnews.com/

A Complex Transaction and Market Correction

The $143 million sale price represents a significant discount compared to previous market expectations and historical costs. In August 2025, reports suggested a $150 million valuation, while the original owner, Howard Hughes Corp. (the predecessor to SEG), paid $180 million for the land in 2018 plus an additional $40 million for air rights. This pricing adjustment highlights a broader market recalibration for large-scale development sites in New York City, where high carrying costs and regulatory hurdles have impacted terminal land values.

Resolving a Legacy of Community Opposition

The site at 250 Water Street has a contentious history, marked by years of legal battles and resistance from local activists and preservationists concerned about neighborhood density. While Howard Hughes Corp. successfully cleared major legal hurdles in 2024, the firm ultimately opted to spin off its entertainment assets and divest from this specific project. By taking over the site now, Tavros inherits a shovel-ready project that has already survived the rigorous New York City environmental and community review processes.

Proposed Development and Affordable Housing Commitment

Tavros plans to transform the site into a 600-unit ground-up residential tower. A central component of the proposal is a robust affordable housing program; 25 percent of the units (approximately 150 apartments) are slated to be affordable. Critically, the developer has committed that 80 percent of these set-aside units will be "deeply affordable," targeting lower-income brackets. The building's architecture will feature a five-story podium containing ground-floor retail and four levels of commercial office space, providing a multi-functional base for the residential tower above.