Tavros Secures Prime Lower Manhattan Development Site in $143 Million Acquisition

Tavros closes on a $143 million acquisition of a prime Seaport development site in Manhattan, planning a 600 unit mixed income residential project.

By: AXL Media

Published: Mar 12, 2026, 7:49 AM EDT

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

Strategic Pricing and Acquisition History

The $143 million sale price reflects a notable discount compared to historical valuations and previous market reports. The site was previously listed for $150 million in late 2025 and was originally acquired by Howard Hughes Corp.—the predecessor to SEG—for $180 million in 2018, plus an additional $40 million for air rights. This downward price adjustment suggests a pragmatic market correction, allowing Tavros to enter the project with a lower cost basis while resolving the long standing development impasse that stalled previous ownership due to activist litigation.

Proposed Development and Housing Composition

Tavros is planning a ground up 600 unit residential tower that integrates a significant social component. Following the city's mandates for mixed income housing, 25 percent of the apartments will be designated as affordable housing. Of that affordable inventory, the developer has committed that 80 percent will be classified as "deeply affordable," targeting lower income brackets than standard luxury developments. The project aims to balance the Seaport’s upscale growth with essential housing accessibility, a critical factor in securing local political support.

Architectural Design and Structural Features

The project will utilize a dual design approach to maintain the aesthetic integrity of the historic district while providing modern density. The base of the building will feature a five story podium containing ground floor retail and four floors of commercial space. While Tavros will adopt the façade and massing designs previously conceptualized by the renowned firm Skidmore, Owings & Merrill (SOM), the firm Fogarty Finger has been tapped to design the remainder of the property. This combination of top tier architectural talent underscores the high stakes nature of the Seaport’s skyline evolution.