Tavros Takes Lower Manhattan Site for $143M

February 10, 2026

Finance & Investment Affordable Housing Development Featured More Market Rate New York News Northeast

The company plans a mixed-use project with some affordable units.

Tavros has closed on the $143 million acquisition of a development site at 250 Water Street from Seaport Entertainment Group. The one-acre site encompasses a full block in Lower Manhattan’s Seaport neighborhood.

The figure represents a discount on the $150 million sale price reported by the New York Post in August 2025. It is also less than the $180 million that Howard Hughes Corp., which recently spun off SEG, paid for the asset in 2018, along with $40 million for air rights.

Neighbors and activists had resisted Hughes’ plans, up to and including filing lawsuits. In 2024, Hughes’ arguments prevailed in court, though it did not proceed with development on the site at that time, according to local outlet Our Town.

Tavros is planning a 600-unit ground-up residential asset with a retail component, with 25 percent of the apartments slated to be affordable. Among the affordable units, 80 percent will be “deeply affordable,” according to a statement by the New York-based developer.

The base of the building will be a five-story podium with ground floor retail and four floors of commercial space. Tavros plans to use a façade and massing design previously created by Skidmore, Owings & Merrill. Going forward, Fogarty Finger will design the remainder of the property.

The new owner didn’t specify a timeline for the development. JLL represented the seller in the deal and advised the new ownership on the pre-development loan provided by BDT & MSD Partners, a merchant bank. Atlas Capital provided an equity investment.

Manhattan multifamily ends 2025 on strong note

Overall multifamily supply growth in Manhattan is within historical margins, with developers adding 2,678 units year-to-date through November 2025, according to a Yardi Matrix report. Altogether, 13,234 units were under construction in the borough as of November, along with 45,000 in the planning and permitting stages.

Average advertised asking rents were down 0.5 percent in Manhattan on a trailing three-month basis through November, 20 basis points below the U.S. figure. Yardi Matrix noted that the move represented a sudden seasonal downshift, preceded by strong performance.

Employment growth in New York City continues to support demand. The figure came in at 1.5 percent year-over-year through August, 70 basis points ahead of the national rate, though slightly down from previous quarters.