Howard Hughes Corp. Buys 250 Water St.

NEW YORK — The Howard Hughes Corporation has purchased a one-acre property for $180 million at 250 Water Street in Lower Manhattan from Peck Slip Associates, an entity controlled by the Milstein family.

The one-acre site, currently used as a parking lot, encompasses a full city block bounded by Peck Slip, Pearl Street, Water Street, and Beekman Street. The company purchased the site for $180 million plus closing costs, consisting of an initial payment of $53 million and a mortgage for the balance.

The company said it will announce plans for the property at a future date.

The deal gives Howard Hughes Corp. approximately 450,000 square feet of property and a joint venture interest in a 66-room Mr. C hotel that together span several city blocks and comprise the company’s interest in the Seaport District.

Highlighting the revitalized Seaport District is the new Pier 17, which will feature a 1.5-acre rooftop, including a restaurant, outdoor bars and a venue for concerts, cultural and special events. The Pier Village will include waterfront restaurants from top chefs such as Andrew Carmellini, David Chang of the Momofuku Group, Helene Henderson of Malibu Farm, and Jean-Georges Vongerichten. Pier 17 is also home to ESPN’s new live broadcast studios.

“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, 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 Milstein family acquired the site in the 1970’s. Howard Milstein said, “We are very pleased to have been able to complete this transaction and wish The Howard Hughes Corporation great success.”