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Howard Hughes Pitches $1.4 Billion Project at NYC Seaport

A rendering showing a pair of proposed new towers in New York’s South Street Seaport District. Source: Howard Hughes Corporation/SOM

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.

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