The Real Deal New York

Howard Hughes marketing stake in 80 South Street

Texas-based developer helming Seaport redevelopment paid $100M for 8K sf site last year
April 20, 2015 11:30AM

The Howard Hughes Corp. is marketing its interest in 80 South Street, near the South Street Seaport, for a sale or joint venture.

Hughes paid Queens-based Cord Meyer Development $100 million last year for the 8,128-square-foot site, which sits on the corner of Fletcher Street near the East River. The parcel had previously received permission from the City Planning Commission for redevelopment into a 300,000-square-foot mixed-use tower.

The Dallas, Texas-based company hopes a potential sale will accelerate development in the Seaport and enable it to refocus resources across the rest of its assets in the area, according to the New York Observer.

Hughes hired CBRE Group to market the 80 South Street site, the Observer reported.

Hughes paid around $31 million this year to buy more than 300,000 square feet of air rights at South Street Seaport, The Real Deal reported. The company also acquired a 10-story commercial building in the area for $24 million in March. [NYO] – Rey Mashayekhi