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250 Water Street (Seaport District)
Update
08/25/23
Excavation Underway at 250 Water Street
Subcontractor, ECD NY, is currently drilling and excavating the foundation of a 26-story, mixed-use building, set to rise at 250 Water Street in Manhattan's South Street Seaport District.
Progress is most evident on the northern half of the site, where digging has now reached 1-2 stories below street level.
Developed by , the building will contain apartments, consisting of both market rate and affordable housing units.
Plans also call for square feet of Class-A office space, square feet of ground-floor retail, 1,176 square feet of community facility space, and an enclosed parking garage, with enough room for vehicles.
Designed by Skidmore, Owings, & Merrill, 250 Water Street will stand feet tall and total square feet. The site spans square feet and is bound by Water Street, Beekman Street, Front Street, and Fulton Street. Suffolk Construction is serving as the general contractor, and work is expected to finish by the spring of 2026.
Despite having received the approval of the NYC Landmarks Preservation Commission (LPC) before construction commenced, 250 Water Street gained a somewhat infamous reputation after generating a fair amount of community backlash during the public review process. In fact, the local "Seaport Coalition" was so against the project that it wound up filing a lawsuit against the LPC and even created a change.org petition to stop the project from advancing. Ultimately, they had no luck and the project was approved in December of 2021.
Acting in good faith, has insisted that they are "committed to a bright future for the Seaport neighborhood." As a compromise, the company agreed to present the South Street Seaport Museum with a $50 million endowment. It will also construct a new museum building at 89th South Street and fund maritime-focused capital improvements throughout the historic district.
