B
illionaire Bill Ackman's Seaport Entertainment Group has agreed to sell the long-stalled 250 Water St. development site for $150.5 million, a significant discount from its original price nearly a decade ago. The one-acre lot in downtown Manhattan was inherited by SEG last year and had been planned for an $850 million complex featuring apartments, offices, stores, and community space.

    However, the project faced fierce resistance from neighbors and activists who opposed its scale. Despite winning a court fight to build as planned, the site has remained undeveloped. Ackman's decision to sell comes as his company focuses on other projects, including the nearby Tin Building, which is struggling financially.

    The buyer, prominent developer Tavros, has built successful projects in Brooklyn and Manhattan. While it's unclear if they plan to pursue the original design, the sale raises hopes that the site will finally be developed into much-needed apartments and community space. Downtown landlords, residents, and office tenants are watching closely as the site is transformed.

    The deal marks a significant milestone for SEG, according to chairman Anton Nikodemus, who said it will "unlock capital" and enhance their balance sheet. Tavros has expressed its commitment to respecting the character of the neighborhood, but details about their plans remain unclear.