Howard Hughes Pitches $1.4 Billion Project at NYC Seaport
Howard Hughes Corp. is proposing a $1.4 billion development in Manhattan’s South Street Seaport District, the latest attempt to transform a lot that has been mired in controversy for decades.
The Texas-based real estate developer, whose chairman is hedge fund manager Bill Ackman, wants to turn a parking lot at 250 Water Street into two 470-foot towers with a mix of affordable rentals, offices and condo units, according to a statement Thursday.
The real estate firm bought the lot in 2018 for $180 million and is now trying get city approval for the project. The project has gotten a height cut since the initial plans for the site faced community opposition, including concerns over environmental contamination on the lot.