250 Water Street

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250 Water Street
General information
ClassificationResidential
Coordinates40°42′30″N 74°0′10″W / 40.70833°N 74.00278°W / 40.70833; -74.00278Coordinates: 40°42′30″N 74°0′10″W / 40.70833°N 74.00278°W / 40.70833; -74.00278
Design and construction
ArchitectSkidmore, Owings & Merrill
DeveloperHoward Hughes Corporation

250 Water Street is a site in Lower Manhattan, currently occupied by a parking lot, located in the South Street Seaport, one of the city's historic districts. The Howard Hughes Corporation owns the site, and has released several proposals for converting the existing parking facility into a residential or mixed-use development.

Development and site history[]

Early history[]

In the 19th-century, a five-story thermometer factory occupied the site.[1] The site also previously held other factories in which work with mercury occurred and a gas station.[2]

Milstein Properties ownership[]

Milstein Properties purchased the site in 1979 for $5.8 million. Eight proposals by Milstein failed to see approval by New York City's Landmarks Preservation Commission.[3] Milstein's first two proposals for the site were buildings designed by architect Ulrich Franzen.[4] The first plan called for a 23-story structure, and the second a 475-foot, 43-story apartment building.[4] Both faced opposition from locals,[4] and both were rejected by the city.[5] A third proposal for an Art Deco-inspired building designed by Jan Hird Pokorny was also rejected.[5] Milstein's failures were likely informed by Milstein's 1981 conversion of the New York Biltmore Hotel from a hotel to an office building.[6] Preservationists were disappointed by the speed with which the conversion occurred, and that Milstein did not preserve the building's Palm Court.[6] However, a 1991 proposal was approved, designed by Charles A. Platt and Paul Spencer Byard,[6] but it was never built.[3]

Howard Hughes Corporation ownership[]

The Howard Hughes Corporation purchased the site in 2018 from Milstein Properties for $180 million.[7] Milstein provided a $130 million loan to Howard Hughes to finance the purchase.[8] At the time of the sale, Howard Hughes owned several nearby sites.[8] After the acquisition, the first plans for the site were revealed in early 2020, though the Howard Hughes Corporation denied they were reflective of their real intentions for the site.[9] The organization claimed in a statement that the designs had leaked as part of the portfolio of a former Skidmore, Owings & Merrill architect and were not reflective of real plans.[9] The leaked plans depicted a 1,052 foot tower clad in brick.[9] Later in 2020, official plans calling for a development with two towers rising from a single podium were released.[10]

A third proposal, featuring four shorter, closely gathered towers rising from a single podium and forming a single structure, was made public in early April 2021.[11] The Landmarks Preservation Commission approved this design in early May.[12] In addition to this approval, the project must go through the city's Uniform Land Use Review Procedure for work to begin.[12] The ULURP process began in May 2021, and the City Planning Commission will likely vote to approve building before 2021.[13] However, the vote may not occur until 2022. If the vote occurs in 2022, new city council member Christopher Marte may oppose the development.[13]

Opposition to development[]

Designs commissioned by Milstein Properties faced opposition from locals, including by Paul Goldstein, then chairman of Manhattan Community Board 1.[6] The various Skidmore, Owings & Merrill designs have also faced opposition outside the Landmarks Preservation Commission.[3][14] Opponents of the development criticize it for its scale compared to the local historical district and for its introduction of housing units into a flood zone.[14] A lawsuit filed during the summer of 2021 in an effort to prevent the development was dismissed in October of the same year.[15]

Usage[]

Current plans call for a 550,000 square foot building, with 270 residential units.[12] Of these, 70 will be affordable.[12]

References[]

  1. ^ Margolies, Jane (7 June 2019). "The Toxic Secret Underneath the Seaport". The New York Times. Retrieved 11 May 2021.
  2. ^ Sohn, Amy (6 May 2021). "How a $180 Million Parking Lot Could Change N.Y.C.'s Historic Character". The New York Times. Retrieved 11 May 2021.
  3. ^ a b c Pereira, Sydney (5 January 2021). "Opponents Of Lower Manhattan Towers Would Prefer A Tow Pound Instead". Gothamist. Retrieved 7 May 2021.
  4. ^ a b c Dunlap, David W. (25 July 1984). "APARTMENT TOWER IS PROPOSED IN SEAPORT DISTRICT". Retrieved 11 May 2021.
  5. ^ a b Dunlap, David (27 August 1986). "LANDMARKS PANEL TURNS DOWN TOWER FOR SEAPORT DISTRICT". The New York Times. Retrieved 11 May 2021.
  6. ^ a b c d Dunlap, David W. (9 June 1991). "Commercial Property: South Street Seaport; At Last, a Plan Wins In Landmark District". The New York Times. Retrieved 7 May 2021.
  7. ^ Samtani, Hiten; Maurer, Mark (11 June 2018). "Howard Hughes buys Milstein's Seaport site for $180M". The Real Deal New York. Retrieved 7 May 2021.
  8. ^ a b Bautista, Christian (22 June 2018). "Milstein lends $130M on Seaport site it long owned". The Real Deal New York. Retrieved 8 May 2021.
  9. ^ a b c Londono, Vanessa (4 May 2020). "Renderings Revealed for SOM's Supertall 250 Water Street, in South Street Seaport District". New York YIMBY. Retrieved 7 May 2021.
  10. ^ Londono, Vanessa (23 October 2020). "Howard Hughes Corporation Announces Plans for Two-Tower Development at 250 Water Street in South Street Seaport". New York YIMBY. Retrieved 7 May 2021.
  11. ^ Jones, Orion (6 April 2021). "Howard Hughes revision meets opposition at 250 Water Street". The Real Deal New York. Retrieved 7 May 2021.
  12. ^ a b c d Hickman, Matt (4 May 2021). "SOM's shorter 250 Water Street tower approved for the South Street Seaport". The Architect’s Newspaper. Retrieved 7 May 2021.
  13. ^ a b Baird-Remba, Rebecca (13 October 2021). "Howard Hughes Battles Parents, Preservationists to Build 250 Water Street". Commercial Observer. Retrieved 18 October 2021.
  14. ^ a b Sohn, Amy (6 May 2021). "How a $180 Million Parking Lot Could Change N.Y.C.'s Historic Character". The New York Times. Retrieved 8 May 2021.
  15. ^ Small, Eddie (5 October 2021). "Judge dismisses legal challenge aiming to stop controversial Seaport tower". Crain's New York Business. Retrieved 18 October 2021.
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