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.

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