Overview

• Seaport Entertainment Group said the contract includes a nonrefundable $6 million deposit, with provisions that could lift the deposit to $8.5 million and the price to $152 million before an expected closing by year‑end 2025.
• The agreed price represents roughly a 16% decline from Howard Hughes’ $180 million purchase of the lot in 2018.
• A prolonged approval fight concluded in May 2024 when New York’s Court of Appeals cleared the project, overturning earlier legal setbacks.
• The site is entitled for a mixed‑use building of about 26 stories with up to 399 apartments and approximately 200,000 square feet of commercial and community space, according to SEG.
• It remains unconfirmed whether roughly $40 million of air rights acquired in 2024 are included in the transaction, and Tavros has not disclosed its development plans for the property.