Tavros, a privately owned real estate investment management and development firm based in New York City, has closed on the acquisition of 250 Water Street for $143 million. The one-acre mixed-use development project spans a full block in Manhattan’s Seaport neighborhood.
Tavros is planning a 600-unit ground-up residential asset, with 25% of the apartments to be affordable, and of that 25%, 80% will be deeply affordable. A five-story podium with ground floor retail and four floors of commercial space will anchor the base of the building. Tavros plans to use the façade and massing previously designed by Skidmore, Owings & Merrill; going forward, Fogarty Finger will be the design architect and architect of record.
250 Water Street is one of the last remaining full-block development opportunities in lower Manhattan.
“The South Street Seaport is one of the most historically significant locations in New York City and it has evolved into a dynamic residential neighborhood,” said Nicholas Silvers, a founding partner of Tavros. “We are thrilled to help carry forward a project that will have a meaningful impact on Manhattan for decades to come.”
JLL represented the seller in the transaction and advised the new ownership on the pre-development loan provided by BDT &MSD Partners. Atlas Capital provided an equity investment alongside Tavros.
The JLL Capital Markets’ team that arranged the sale was led by Senior Managing Directors Andrew Scandalios and Ethan Stanton and Senior Director Nicco Lupo. JLL’s Debt & Equity team advised the buyer and included Senior Managing Director Christopher Peck and Senior Director Nicco Lupo.
