Howard Hughes Holdings Inc. announced a victorious decision by the New York State Court of Appeals for its planned 250 Water Street project in Lower Manhattan, clearing the way for the Seaport development to proceed. The court decision upheld the Appellate Court?s ruling in favor of the project, and together with the State?s extension of the recent 421-a tax exemption, has cleared all existing impediments to construction and unlocked tremendous value for Howard Hughes shareholders. Planned for the site of a former full-block surface parking lot, the 27-story mixed-use project, designed by world-renowned architecture and urban design firm Skidmore, Owings & Merrill (SOM), will feature approximately 400 market-rate and affordable rental apartments above a five-story base with commercial, retail and community space.

The 2021 approval of 250 Water Street capped a comprehensive public review process. HHH obtained approvals from New York City?s Landmarks Preservation Commission and through the City's Uniform Land Use Review Procedure, which included review by Manhattan Community Board 1, the Manhattan Borough President, City Planning Commission, and City Council. The project broke ground in 2022 and completed environmental remediation last year.