Howard Hughes Corp. finalizes $390M development site sale to Chinese firm

The transaction depended on the transfer of 303,113 square feet in air rights

TRD New York /
Mar.March 17, 2016 04:35 PM

After securing hundreds of thousands of additional development rights, the Howard Hughes Corp. has finalized its sale of 80 South Street to China Oceanwide Holdings.

The deal, initially announced in August, was contingent on Howard Hughes transferring an additional 303,113 square feet in air rights — after already securing 104,167 square feet — to the site, according to the sale agreement. The Chinese firm paid $390 million for the site, according to a statement released by Howard Hughes on Thursday. The Commercial Observer broke news of the sale on Wednesday. The City Planning Commission approved the air rights transfer in February, bringing the site’s development potential to 817,784 square feet and clearing the way for the two parties to finalize the sale.

The building is expected to be 1,436 feet and 113 stories, according to documents filed with the planning commission. The building would contain 441,077 square feet of residential space and 376,707 square feet for hotel, office or retail use.

Howard Hughes, which is redeveloping the South Street Seaport, bought the property in 2014 for $100 million and a parcel at 173 Front Street for $24 million in 2015. — Kathryn Brenzel


Related Articles

arrow_forward_ios
Howard Hughes Corporation CEO Paul Layne with former CEO David Weinreb (Credit: Getty Images)

As Howard Hughes tries to right ship, Seaport remains an albatross

As Howard Hughes tries to right ship, Seaport remains an albatross
Howard Hughes CEO David R. Weinreb and South Street Seaport (Credit: NYCgo)

Amid talks of company sale, Howard Hughes lands $250M loan for Seaport project

Amid talks of company sale, Howard Hughes lands $250M loan for Seaport project
The site (left) and a rendering of 80 South Street (Credit: Google Maps; rendering via YIMBY by ATCHAIN)

China Oceanwide takes out $175M loan against supertall Seaport site

China Oceanwide takes out $175M loan against supertall Seaport site
250 Water Street and Howard Hughes Corporation CEO David Weinreb (Credit: Google Maps)

Howard Hughes faces more backlash at Seaport. This time, it’s over toxic contamination concerns

Howard Hughes faces more backlash at Seaport. This time, it’s over toxic contamination concerns
Developer seeking $100M to refi nearly complete Seaport hotel

Developer seeking $100M to refi nearly complete Seaport hotel

Developer seeking $100M to refi nearly complete Seaport hotel
City moves forward with plans to demolish Seaport building

City moves forward with plans to demolish Seaport building

City moves forward with plans to demolish Seaport building
Howard Hughes’ Pier 17 roof will house 4,000 concertgoers. Residents aren’t happy

Howard Hughes’ Pier 17 roof will house 4,000 concertgoers. Residents aren’t happy

Howard Hughes’ Pier 17 roof will house 4,000 concertgoers. Residents aren’t happy
Pier 17 on track to open in 2018

Pier 17 on track to open in 2018

Pier 17 on track to open in 2018
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...