Howard Hughes' planned 250 Water Street project in Lower Manhattan can proceed following a favorable ruling by the New York State Court of Appeals that upheld the Appellate Court's ruling. That victory, coupled with the state's extension of the recent 421-a tax exemption "has cleared all existing impediments to construction," the company said.
The project broke ground in 2022 and completed environmental remediation last year after the company obtained approvals from New York City's Landmarks Preservation Commission.
But then that July the South Street Seaport Coalition sued, challenging the Landmark Preservation Commission's approval of the project and in January 2023, state Court Judge Arthur Engoron voided the approval, citing an "impermissible quid pro quo" between the developer and the commission, according to the Real Deal, which reported that Howard Hughes pledged to pay $40 million for air rights from Pier 17 and the Tin Building, which would go toward the nonprofit South Street Seaport Museum.
Recommended For You
The decision was reversed by a panel of appellate judges in June.
Located on the site of a former full-block surface parking lot, the 27-story mixed-use project will feature 400 market-rate and affordable rental apartments above a five-story base with commercial, retail and community space.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
