"The air rights transfer will serve as an endowment-like investment that will sustain the Seaport Museum as an interpreter of New York City for generations to come," said Jonathan Boulware, the museum's CEO. This highlights the long-term value expected from the project towards cultural preservation.
Despite facing litigation and a halt in construction due to concerns over the Landmarks Preservation Committee, Howard Hughes Holding Company ultimately prevailed, allowing the 27-story tower project at 250 Water Street to move forward.
The South Street Seaport Coalition raised concerns about a quid pro quo arrangement, suggesting that Hughes' commitment to fund the South Street Seaport Museum was in exchange for landmark approval.
The 250 Water Street project includes 400 units with 100 designated as affordable housing, aimed at families earning between 40 percent to 120 percent of the area median income, supporting local housing needs.
#howard-hughes-holding-company #south-street-seaport #air-rights #affordable-housing #landmarks-preservation
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