Tavros Capital, Atlas Capital pay $143M to Seaport Entertainment Group for FiDi dev site

Tavros Capital and Atlas Capital through the entity 250 Water Street Owner LLC paid $143 million to Seaport Entertainment Group through the entity 250 Seaport District, LLC for the development building (V1) at 250 Water Street in Financial District, Manhattan. The expected use is ground up development.
The deal closed on February 5, 2026 and was recorded on February 19, 2026. The property has zero square feet of built space and 288,237 square feet of additional air rights for a total buildable of 288,237 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $496 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on June 8, 2018, for $182.7 million. The signatory for Seaport Entertainment Group was Matt Partridge . The signatory for Tavros Capital and Atlas Capital was Nicholas Silvers . The contract date was August 15, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Tavros Capital purchased one property in one transaction for a total of $164 million and has no record it sold any properties over the past 24 months.
The seller Seaport Entertainment Group had not purchased any other properties and had not sold any properties over the same time period. Crain’s New York Business reported on February 9, 2026 that Tavros and Atlas Capital paid $143 million to Seaport Entertainment Group for 250 Water Street, Manhattan, NY. The buy-side brokers were Christopher Peck and Nicco Lupo of JLL. The sell-side brokers were Andrew Scandalios, Ethan Stanton, and Nicco Lupo of JLL.

The property

The parcel has frontage of 333 feet and is 190 feet deep with a total lot size of 47,880 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $18.4 million. Tavros Capital|Atlas Capital on February 5, 2026 bought a loan with an original principal of price not available from prior lender signed by prior lender signatory, secured by 250 Water Street, when owned by Seaport Entertainment Group .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $6,250 in ECB penalties and $10,080 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, M00632762, for a 269-unit, 528,345 square-foot R-2 building. The project was submitted by Howard Hughes Corporation and filed by Saul Scherl with plans filed December 8, 2021 and permitted May 3, 2022.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 18.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans zero square feet on the block.The identified owner is Howard Hughes Corporation.
On the tax block, there was one new building construction project filed totaling 528,345 square feet. It is a 269-unit, 528,345 square-foot residential (R-2) building submitted by Howard Hughes Corporation and filed by Saul Scherl with plans filed December 8, 2021 and permitted May 3, 2022.

All properties are development.

The buyer

The PincusCo database currently indicates that Tavros Capital owned at least eight commercial properties with 872 residential units in New York City with 70,858 square feet and a city-determined market value of $26 million. (Market value is typically about 50% of actual value.) The portfolio has $100.1 million in debt, with top three lenders as ACORE Capital, Centennial Bank, and Citibank respectively. Within the portfolio, the bulk, or 92 percent of the 70,858 square feet of built space are industrial properties, with C0 properties next occupying 6 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link