250 Water Street Explained

250 Water Street
Classification:Residential
Mapframe-Wikidata:yes
Architect:Skidmore, Owings & Merrill
Developer:Seaport Entertainment Group

250 Water Street is a site in the Financial District of Lower Manhattan in New York City. Most recently occupied by a parking lot, the site is being developed into a mixed-use building by Seaport Entertainment Group. The site is located in the South Street Seaport, one of the city's historic districts.

Development and site history

Early history

In the 19th century, a five-story thermometer factory occupied the site.[1] The site also previously held other factories in which work with mercury occurred and a gas station.[2]

Milstein Properties ownership

Milstein Properties purchased the site in 1979 for $5.8 million. Due to the site's location at the edge of the South Street Seaport Historic District, the New York City Landmarks Preservation Commission (LPC) was required to approve all proposals for the site. Eight proposals by Milstein failed to see approval by the LPC.[3] Milstein's first two proposals for the site were buildings designed by architect Ulrich Franzen.[4] The first plan called for a 23-story structure, and the second a 475-foot, 43-story apartment building.[4] Both faced opposition from locals,[4] and both were rejected by the city.[5] A third proposal for an Art Deco-inspired building designed by Jan Hird Pokorny was also rejected.[5] Milstein's failures were likely informed by Milstein's 1981 conversion of the New York Biltmore Hotel from a hotel to an office building.[6] Preservationists were disappointed by the speed with which the conversion occurred, and that Milstein did not preserve the building's Palm Court.[6] However, a 1991 proposal was approved, designed by Charles A. Platt and Paul Spencer Byard,[6] but it was never built.[3]

Howard Hughes Corporation ownership

The Howard Hughes Corporation purchased the site in 2018 from Milstein Properties for $180 million.[7] Milstein provided a $130 million loan to Howard Hughes to finance the purchase.[8] At the time of the sale, Howard Hughes owned several nearby sites.[8] [9] After the acquisition, the first plans for the site were revealed in early 2020, though Howard Hughes denied they were reflective of their real intentions for the site.[10] The organization claimed in a statement that the designs had leaked as part of the portfolio of a former Skidmore, Owings & Merrill architect and were not reflective of real plans.[10] The leaked plans depicted a 1,052-foot tower clad in brick.[10] Later in 2020, official plans calling for a development with two towers rising from a single podium were released.[11]

A third proposal, featuring four shorter, closely gathered towers rising from a single podium and forming a single structure, was made public in early April 2021.[12] The Landmarks Preservation Commission approved this design in early May.[13] In addition to this approval, the project must go through the city's Uniform Land Use Review Procedure for work to begin.[13] The ULURP process began in May 2021,[14] but the vote was not planned to occur until 2022.[14] The Howard Hughes Corporation agreed in October 2021 to pay $40 million for air rights above the former Fulton Fish Market's Tin Building and Pier 17.[15] Subsequently, the city government approved plans for the site at the end of 2021.[16] [17] The 26-story building was to rise and contain 270 apartments (including at least 70 affordable housing units), as well as offices. During an archaeological dig conducted on and near the site which began in 2022, workers found historical artifacts including shoe components, ceramics, and glass.[18]

Ownership of the project was transferred to Seaport Entertainment Group as part of its 2024 spin-off from Howard Hughes.[19]

Opposition to development

Designs commissioned by Milstein Properties faced opposition from locals, including by Paul Goldstein, then chairman of Manhattan Community Board 1's Waterfront, Parks & Cultural Committee, who proposed that the site might be used as a tow pound instead of a building.[6] The various Skidmore, Owings & Merrill designs have also faced opposition outside the LPC.[3] [20] Opponents of the development criticize it for its scale compared to the local historic district and for its introduction of housing units into a flood zone.[20]

A lawsuit filed during mid-2021 in an effort to prevent the development was dismissed in October of the same year,[21] [22] but opponents continued to pursue legal action.[23] In a final attempt to prevent 250 Water Street from being built, the Seaport Coalition filed a lawsuit in July 2022 to prevent Howard Hughes's development from proceeding.[24] In October 2022, New York Supreme Court judge Arthur Engoron placed an injunction on the development. According to Engoron, the LPC had rejected four proposals to develop that lot since the 1980s, but, in approving the Howard Hughes proposal, "the LPC failed adequately to acknowledge, much less explain, its departure from previous rulings."[25] [26] Engoron ruled against Howard Hughes in January 2023, saying that the developer and the LPC had agreed to an "impermissible quid pro quo".[27] Howard Hughes planned to appeal Engoron's decision.[28] In June 2023 Engoron's ruling was overturned, allowing Howard Hughes to begin development.[29]

Construction

By early August 2023, the surface-level parking lot on the site was removed, and excavation was underway.[30]

Usage

Current plans call for a 550,000-square-foot building, with 399 residential units.[30] Of these units, 100 will be affordable.[30] The building will also include office space and a retail component.[30]

Notes and References

  1. News: Margolies . Jane . The Toxic Secret Underneath the Seaport . 11 May 2021 . The New York Times . 7 June 2019 . July 19, 2023 . https://web.archive.org/web/20230719151528/https://www.nytimes.com/2019/06/07/nyregion/south-street-seaport-mercury.html?searchResultPosition=5 . live .
  2. News: Sohn . Amy . How a $180 Million Parking Lot Could Change N.Y.C.’s Historic Character . 11 May 2021 . The New York Times . 6 May 2021 . May 8, 2021 . https://web.archive.org/web/20210508000425/https://www.nytimes.com/2021/05/06/nyregion/south-street-seaport-parking-lot-development.html . live .
  3. News: Pereira . Sydney . Opponents Of Lower Manhattan Towers Would Prefer A Tow Pound Instead . 7 May 2021 . Gothamist . 5 January 2021 . en . September 14, 2023 . https://web.archive.org/web/20230914001616/https://gothamist.com/news/opponents-lower-manhattan-towers-would-prefer-tow-pound-instead . live .
  4. News: Dunlap . David W. . APARTMENT TOWER IS PROPOSED IN SEAPORT DISTRICT . 11 May 2021 . 25 July 1984 . September 14, 2023 . https://web.archive.org/web/20230914001617/https://timesmachine.nytimes.com/timesmachine/1984/07/25/issue.html . live .
  5. News: Dunlap . David . LANDMARKS PANEL TURNS DOWN TOWER FOR SEAPORT DISTRICT . 11 May 2021 . The New York Times . 27 August 1986 . en . September 14, 2023 . https://web.archive.org/web/20230914001617/https://timesmachine.nytimes.com/timesmachine/1986/08/27/697086.html?pageNumber=26 . live .
  6. News: Dunlap . David W. . Commercial Property: South Street Seaport; At Last, a Plan Wins In Landmark District . 7 May 2021 . The New York Times . 9 June 1991 . May 7, 2021 . https://web.archive.org/web/20210507212249/https://www.nytimes.com/1991/06/09/realestate/commercial-property-south-street-seaport-last-plan-wins-landmark-district.html . live .
  7. News: Samtani . Hiten . Maurer . Mark . Howard Hughes buys Milstein’s Seaport site for $180M . 7 May 2021 . The Real Deal New York . 11 June 2018 . April 16, 2021 . https://web.archive.org/web/20210416153919/https://therealdeal.com/2018/06/11/howard-hughes-buys-milsteins-seaport-site-for-180m/ . live .
  8. News: Bautista . Christian . Milstein lends $130M on Seaport site it long owned . 8 May 2021 . The Real Deal New York . 22 June 2018 . May 8, 2021 . https://web.archive.org/web/20210508011003/https://therealdeal.com/2018/06/22/milstein-lends-130m-on-seaport-site-it-long-owned/ . live .
  9. Web site: Baird-Remba . Rebecca . October 13, 2021 . Howard Hughes Battles Parents, Preservationists to Build 250 Water Street . January 14, 2023 . Commercial Observer . March 27, 2023 . https://web.archive.org/web/20230327195944/https://commercialobserver.com/2021/10/howard-hughes-battles-parents-and-preservationists-to-build-250-water-street-tower/ . live .
  10. News: Londono . Vanessa . Renderings Revealed for SOM's Supertall 250 Water Street, in South Street Seaport District . 7 May 2021 . New York YIMBY . 4 May 2020 . May 7, 2021 . https://web.archive.org/web/20210507211233/https://newyorkyimby.com/2020/05/official-renderings-revealed-for-soms-supertall-250-water-street-in-south-street-seaport-district.html . live .
  11. News: Londono . Vanessa . Howard Hughes Corporation Announces Plans for Two-Tower Development at 250 Water Street in South Street Seaport . 7 May 2021 . New York YIMBY . 23 October 2020 . February 28, 2021 . https://web.archive.org/web/20210228055453/https://newyorkyimby.com/2020/10/howard-hughes-corporation-announces-plans-for-two-tower-development-at-250-water-street-in-south-street-seaport.html . live .
  12. News: Jones . Orion . Howard Hughes revision meets opposition at 250 Water Street . 7 May 2021 . The Real Deal New York . 6 April 2021 . May 7, 2021 . https://web.archive.org/web/20210507233211/https://therealdeal.com/2021/04/06/critics-look-down-on-shorter-250-water-street/ . live .
  13. News: Hickman . Matt . SOM’s shorter 250 Water Street tower approved for the South Street Seaport . 7 May 2021 . The Architect’s Newspaper . 4 May 2021 . May 5, 2021 . https://web.archive.org/web/20210505085051/https://www.archpaper.com/2021/05/soms-shorter-250-water-street-tower-approved-for-the-south-street-seaport/ . live .
  14. News: Baird-Remba . Rebecca . Howard Hughes Battles Parents, Preservationists to Build 250 Water Street . 18 October 2021 . Commercial Observer . 13 October 2021 . July 19, 2023 . https://web.archive.org/web/20230719152457/https://commercialobserver.com/2021/10/howard-hughes-battles-parents-and-preservationists-to-build-250-water-street-tower/ . live .
  15. Web site: Modi . Priyanka . 2021-10-25 . Howard Hughes to Pay $40 Million to Seaport Museum . 2023-01-14 . The Real Deal New York . en-US . February 4, 2023 . https://web.archive.org/web/20230204082713/https://therealdeal.com/2021/10/25/deal-in-place-to-carry-howard-hughes-seaport-tower-to-approval/ . live .
  16. Web site: Dilakian . Steven . 2021-12-29 . Howard Hughes Snags Approval for Seaport Tower 250 Water Street . 2023-01-14 . The Real Deal New York . en-US . January 14, 2023 . https://web.archive.org/web/20230114183256/https://therealdeal.com/2021/12/29/howard-hughes-scores-final-approval-for-850m-seaport-project/ . live .
  17. Web site: Gannon . Devin . January 5, 2022 . $850M South Street Seaport project gets final approval . January 14, 2023 . 6sqft . January 14, 2023 . https://web.archive.org/web/20230114183250/https://www.6sqft.com/850m-south-street-seaport-project-gets-final-approval/ . live .
  18. Web site: November 17, 2022 . At 250 Water St., Digging Into the Seaport's 18th-Century Past . January 14, 2023 . Tribeca Trib Online . January 14, 2023 . https://web.archive.org/web/20230114183302/http://tribecatrib.com/content/250-water-st-digging-seaports-18th-century-past . live .
  19. News: Seaport Entertainment Group completes separation from Howard Hughes Holdings. Seaport Entertainment Group. August 1, 2024. BusinessWire. 2024-08-10.
  20. News: Sohn . Amy . How a $180 Million Parking Lot Could Change N.Y.C.’s Historic Character . 8 May 2021 . The New York Times . 6 May 2021 . May 8, 2021 . https://web.archive.org/web/20210508000425/https://www.nytimes.com/2021/05/06/nyregion/south-street-seaport-parking-lot-development.html . live .
  21. News: Small . Eddie . Judge dismisses legal challenge aiming to stop controversial Seaport tower . 18 October 2021 . Crain's New York Business . 5 October 2021 . en . January 14, 2023 . https://web.archive.org/web/20230114184803/https://www.crainsnewyork.com/real-estate/judge-dismisses-legal-challenge-aiming-stop-controversial-seaport-tower?adobe_mc=MCMID%3D45929305039144521853160463826509597660%7CMCORGID%3D138FFF2554E6E7220A4C98C6%2540AdobeOrg%7CTS%3D1633541971&CSAuthResp=1%3A%3A264630%3A23%3A24%3Asuccess%3A18B36EFE6EF19126F9F5FEA26808FC36 . live .
  22. Web site: Judge Dismisses Lawsuit Opposing Controversial 250 Water Street Seaport Building . Gothamist . Chung . Jen . October 6, 2021 . January 14, 2023 . January 14, 2023 . https://web.archive.org/web/20230114183250/https://gothamist.com/news/judge-dismisses-lawsuit-opposing-controversial-250-water-street-seaport-building . live .
  23. Web site: Small . Eddie . February 9, 2022 . Seaport community groups file new lawsuit against Howard Hughes tower . January 14, 2023 . Crain's New York Business . January 14, 2023 . https://web.archive.org/web/20230114183253/https://www.crainsnewyork.com/real-estate/seaport-community-groups-continue-fight-against-howard-hughes-tower-new-lawsuit . live .
  24. Web site: Guse . Clayton . Lower Manhattan groups sue to stop tower from being constructed atop South Street Seaport parking lot . New York Daily News . July 24, 2022 . January 14, 2023 . January 14, 2023 . https://web.archive.org/web/20230114183253/https://www.nydailynews.com/news/ny-seaport-parking-lot-lawsuit-20220724-g6ch76f5fbhm5jb2q7iebke2ny-story.html . live .
  25. Web site: Johnson . Stephon . Seaport Residents Cheer After Judge Halts Construction of Skyscraper; Developer Says It’s Just a Temporary Roadblock . The City . October 14, 2022 . January 14, 2023 . January 14, 2023 . https://web.archive.org/web/20230114183305/https://www.thecity.nyc/2022/10/13/23403714/howard-hughes-coproation-skyscraper-at-south-street-seaport-halted-by-judge . live .
  26. Web site: Dilakian. Steven. 2022-10-14. Judge Pauses Howard Hughes Seaport High-Rise. 2023-01-14. The Real Deal New York. en-US. January 14, 2023. https://web.archive.org/web/20230114183255/https://therealdeal.com/2022/10/14/judge-hits-pause-on-howard-hughes-850m-seaport-project/. live.
  27. Web site: Modi. Priyanka. 2023-01-13. Howard Hughes’ 250 Water Street Project Stopped by Judge. 2023-01-14. The Real Deal New York. en-US. February 2, 2023. https://web.archive.org/web/20230202180721/https://therealdeal.com/2023/01/13/judge-stops-howard-hughes-seaport-project-again-citing-quid-pro-quo/. live.
  28. News: Bellafante . Ginia . In Affordable Housing v. Parking Lot, a Judge Chooses the Lot . 5 February 2023 . The New York Times . 27 January 2023 . April 28, 2023 . https://web.archive.org/web/20230428122624/https://www.nytimes.com/2023/01/27/nyregion/south-street-seaport-250-water.html . live .
  29. News: Hallum . Mark . 250 Water Street’s Development to Proceed After Appellate Court Ruling . 18 July 2023 . Commercial Observer . 6 June 2023 . July 19, 2023 . https://web.archive.org/web/20230719152249/https://commercialobserver.com/2023/06/250-water-streets-development-to-proceed-after-appellate-court-ruling/ . live .
  30. News: Young . Michael . Pruznick . Matt . Excavation Progresses for SOM's 250 Water Street in South Street Seaport, Manhattan . 30 November 2023 . New York YIMBY . 8 August 2023.

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