The Howard Hughes Corporation has bought a Seaport parking lot for $180 million, the company announced Tuesday.
The Dallas-based real estate company purchased the one-acre site at 250 Water Street from Peck Slip Associates, an entity controlled by the Milstein family.
The Milsteins bought the site, which covers a whole city block, in the 1970s for $5.77 million. The Millstein family faced several challenges in its attempts to develop the site, including community opposition, downzoning and litigation.
The purchase points to the Howard Hughes Corporation’s mission to increase its own Seaport footprint. The company already owns 450,000 s/f in the area and is also part of a joint venture interest in the new 66-room Mr. C hotel at 33 Peck Slip.
“Situated at the entrance to the Seaport District, the property at 250 Water Street is a valuable addition to our concerted efforts in the ongoing revitalization of the neighborhood,” said Saul Scherl, president of the New York Tri-State Region for The Howard Hughes Corporation.
“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.”
The company is in the midst of a multi-billion dollar redevelopment of the Seaport neighborhood that includes a revamped Pier 17 and restored Tin Building.
The completed Pier 17 will feature a 1.5-acre rooftop and waterfront restaurants, while the Tin Building will host a 50,000 s/f food market and live broadcasting studios from ESPN.
In a statement, Howard Hughes said it would announce plans for the 250 Water Street site at a later date.