Seaport Entertainment Group to sell 250 Water Street project for $150.5M

Seaport Entertainment Group (SEG)announced it has entered into an agreement to sell the mixed-use development project located at 250 Water Street for a sale price of $150.5M to Tavros, a privately owned real estate investment management and development firm based in New York City. 250 Water Street was originally acquired by Howard Hughes Holdings, the Company’s former parent in June 2018. The one-acre site spans a full city block, bordered by Peck Slip, Pearl Street, Water Street, and Beekman Street, and is currently entitled for the construction of a 26-story, mixed-use building with up to 399 market-rate and affordable residential units and approximately 200,000 square feet of commercial, retail and community space. The agreement includes a $6.0M deposit due at signing, with certain provisions to potentially increase the deposit up to $8.5M and the sale price up to $152.0M before closing. The deposit is non-refundable, subject to satisfaction of certain closing conditions. Closing on the sale of the property is expected before the end of 2025. A JLL team led by Andrew Scandalios, Ethan Stanton and Nicco Lupo represented the Company.