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Howard Hughes pays $180M for development site at 250 Water Street

Long-time owner Milstein Properties is the seller

Existing parking lot at 250 Water Street (Credit: Stephen Yang / NYPost)

Howard Hughes Corporation has acquired a development site at 250 Water Street near the South Street Seaport from Milstein Properties for $180 million. The vacant one-acre lot allows for the development of 289,000 square feet, according to the NYPost who first reported the news.

Worth Noting: Howard Hughes owns additional development rights at nearby properties it owns, which can be transferred to this site with approvals from the city. 

Financing Details: The developer paid $53 million upfront and secured a mortgage for the balance. The first six months are interest free, with three six-month extension options at 6 percent. The second and third extension options each require a $30 million paydown, according to the NYPost. 

Be Smart: Milstein paid $5.77 million for the site in 1979. When adjusted for inflation, that translates to a mere $19.9 million in 2018 dollars. Buy and hold!

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