The Howard Hughes Corp. has received final approval by the City of New York of its planned $850 million 250 Water Street development project at the Seaport in Lower Manhattan, a key component of HHC’s long-term vision for the historic neighborhood.
The 26-story mixed-use project, designed by world-renowned architecture and urban design firm Skidmore, Owings & Merrill (SOM), will feature residential rental apartments, office, retail and community space. In addition to providing affordable housing, the building, originally planned with a market-rate component consisting of for-sale units, will now offer market-rate residential rental units to address the high demand for rental housing in Lower Manhattan.
The project will generate $50 million in essential funding for the South Street Seaport Museum, a beloved New York City cultural institution, with $40 million generated by the HHC 250 Water Street project and an additional $10 million committed by the City of New