TAVROS ACQUIRES 250 WATER STREET DEVELOPMENT SITE IN MANHATTAN'S SEAPORT DISTRICT FOR $143 MILLION

Mixed-Use Development Spans Full City Block and Will Offer Both Market Rate and Affordable Apartments, as well as Retail and Commercial Spaces

NEW YORK, Feb. 9, 2026 /PRNewswire/ -- Tavros, a privately-owned real estate investment management and development firm based in New York City, today announces that it has closed on the acquisition of 250 Water Street. The one-acre mixed-use development project, spanning a full block in Manhattan's Seaport neighborhood, was acquired for a sale price of $143.0 million.

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."

Tavros has been active in New York City, with ongoing projects -- a 55-story condominium in Court Square, Long Island City; Gowanus Wharf, a five-building residential campus spanning four sites with over 2,200 residential units; and 50 Ninth Avenue, an 80,000-square-foot commercial building in Manhattan's trendy Meatpacking District that houses Rolls Royce's luxury showroom. Charney Companies is co-developing Gowanus Wharf with Tavros, and both Charney Companies and Incoco Capital are developing the Court Square skyscraper along with Tavros.

JLL represented the seller in the transaction and advised the new ownership on the pre- development loan provided by BDT &MSD Partners, a merchant bank with an advisory and investment platform built to serve the distinct needs of business owners and strategic, long-term investors. Atlas Capital provided an equity investment alongside Tavros.

Atlas' preferred equity investment supports the acquisition and pre-development of 250 Water Street. Atlas' platform provides flexible capital complemented by deep development and operational expertise, partnering on select residential and mixed-use projects throughout New York City. Recent transactions include 175 Third Street and 205 Montague Street, both in Brooklyn.

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.

"250 Water Street represents a truly irreplaceable development opportunity in one of New York City's most dynamic neighborhoods," said Stanton. "The combination of a full-block site, compelling scale and long-term growth fundamentals made this a highly competitive process, and we are thrilled to have advised Tavros and Atlas in executing a best-in-class capitalization."

SOURCE Tavros