Tavros, a privately owned real estate investment management and development firm based in New York City, has closed on the acquisition of 250 Water St. The one-acre, mixed-use development project, spanning a full block in Manhattan’s Seaport neighborhood, was acquired for a sale price of $143 million.
Tavros is planning a 600-unit ground-up residential asset, with 25 percent of the apartments to be affordable, and 80 percent will be of that percentage deeply affordable. A five-story podium with ground floor retail and four floors of commercial space will anchor the base of the building. Tavros plans to use the façade and massing previously designed by Skidmore, Owings & Merrill; going forward, Fogarty Finger will be the design architect and architect of record.
250 Water St. is one of the last remaining full-block development opportunities in lower Manhattan.
“The South Street Seaport is one of the most historically significant locations in New York Cit
