Tavros has agreed to buy a mixed-use site that's under development in the financial district of Manhattan. Under the deal, the New York City-based firm will pay as much as $152 million ahead of the closing date to Seaport Entertainment Group Inc., with at least $6 million due at the signing.
The site at 250 Water Street, entitled for construction, will contain a mix of affordable and market-rate apartments (up to 399 total). Additionally, the 26-story building will feature retail, community and commercial space, spanning roughly 200,000 square feet.
Originally, Seaport's former parent, Howard Hughes Holdings, acquired 250 Walter for $180 million plus closing costs in June 2018 from Peck Slip Associates. Last year, Howard completed a spinoff of Seaport into a separate publicly traded company.
“We believe the anticipated sale of 250 Water Street marks a significant milestone for Seaport Entertainment Group, unlocking capital that is poised to enhance our balance sheet, support new sustainable growth opportunities, and create long-term value for our shareholders,” Anton Nikodemus, chairman, president and CEO of Seaport, said in a statement of the sale.
“We are confident that Tavros, an experienced and engaged New York City developer, is well-positioned to bring this project to life in a way that respects the character of the neighborhood and contributes positively to the community.”
The acquisition by Tavros is expected to close before the end of the year. JLL represented Seaport on the deal.
With NYC real estate the main target (particularly Manhattan, Brooklyn, and Queens) for Tavros, the company's portfolio shows at least 15 properties. Also, Tavros recently secured $174.5 million to support the pre-development of what would be the largest building in all of Gowanus in Brooklyn, at 175 Third St. The mixed-use site calls for roughly one million square feet of space in total, with 1,000 residential units, ranging from studios to three-bedroom apartments.
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