NYC court paves way for $850M apartment complex near Seaport
Howard Hughes Corporation has won the legal battle over its plan to build an $850m apartment complex on Water Street, the final hurdle it faced since owning the space. The plan is to have 399 apartments, 100 of which will be affordable, including stores, offices and community space. The site was acquired by the corporation since 2018 and will now support the nonprofit South Street Seaport Museum with the payment of $40 million air rights from Tin Building as part of the deal. Local residents fought to preserve their river views and even called for the land to be used as a tow pound to prevent building demolition, however, the project was approved by the City Council in 2021 before hitting several legal barriers.
FAQs:
What is Howard Hughes Corporation’s plan for Water Street?
Howard Hughes Corporation plans to build an $850m apartment complex with 399 apartments, including stores, offices and community space.
How many of the apartments will be affordable?
Out of the 399 apartments, 100 will be affordable.
What did Howard Hughes Corporation pay as part of the deal with South Street Seaport Museum?
Howard Hughes Corporation paid $40 million for air rights from Tin Building to support the nonprofit South Street Seaport Museum.
Who fought against Howard Hughes Corporation’s plan?
Local residents opposed Howard Hughes Corporation’s plan to build an apartment complex since they did not want to lose their river views.
NYC Court Clears Path for $850 Million Apartment Complex in Proximity to Seaport
The view from South Street Seaport is set to improve for everyone except for some nearby residents at Southbridge Towers. The state appeals court has ruled against apartment residents who opposed the building of new apartments at a vacant lot on Water Street. As such, the long-planned $850m apartment complex at 250 Water Street by Howard Hughes Corporation can proceed. The complex includes 399 apartments, of which 100 will be affordable, as well as stores, offices and community space. As part of the deal, the company paid $40m for air rights from Pier 17 and Tin Building to support the non-profit South Street Seaport Museum.
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