June 13, 2018
The Howard Hughes Corporation is expanding its footprint and its vision for Lower Manhattan’s Seaport District, acquiring a one-acre site from an entity controlled by the Milstein family. The Dallas-based developer acquired the parcel at 250 Water St. from Peck Slip Associates for $180 million plus closing costs.
HHC’s acquisition of the 250 Water St. site, currently used as a parking lot, is in addition to its 450,000 square feet of Seaport District property and joint venture interest in a 66-room Mr. C hotel. “This acquisition represents another major step forward in making the Seaport District a vibrant destination and an anchor of the rapidly-growing Lower Manhattan community,” said Saul Scherl, New York tri-state president at HHC.
The Milstein family acquired the site in the 1970s. “We are very pleased to have been able to complete this transaction, and wish The Howard Hughes Corporation great success,” said Howard Milstein.
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