Howard Hughes Corp. Acquires One-Acre Lot in New York’s Seaport District for $180M

NEW YORK CITY —Howard Hughes Corp. has acquired 250 Water St. in Lower Manhattan for $180 million. The one-acre site is currently used as a parking lot and encompasses a full city block. The seller was Peck Slip Associates, an entity controlled by the Milstein family. Acquisition financing, which an undisclosed lender provided, consisted of an initial interest-free term of six months, with three six-month extension options at a rate of six percent. The second and third extension options each require a $30 million pay down. The Howard Hughes Corp. recently acquired 450,000 square feet of property and a joint venture interest in a 66-room Mr. C hotel in the Seaport District. The company’s vision for the site will be announced at a later date.