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

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
The complaint against the tower includes loss of views for current residents in the neighborhood. (Getty)
Seaport community groups sue to block Howard Hughes’ Water Street tower
Seaport community groups sue to block Howard Hughes’ Water Street tower
The Howard Hughes Corporation CEO David O'Reilly (LinkedIn via David O'Reilly)
Howard Hughes’ (slightly less) big Seaport project approved
Howard Hughes’ (slightly less) big Seaport project approved
A rendering of 250 Water Street, Landmarks Preservation Commission chair Sarah Carroll and Howard Hughes Corporation CEO David O’Reilly (Center for Architecture, The Howard Hughes Corporation/SOM)
Howard Hughes told to further refine Seaport tower proposal
Howard Hughes told to further refine Seaport tower proposal
Howard Hughes Corporation CEO David O’Reilly and 250 Water Street (The Howard Hughes Corporation/SOM)
Critics look down on shorter 250 Water Street
Critics look down on shorter 250 Water Street
Previous rendering of 250 Water Street (left) and a new rendering (right) with Howard Hughes Corporation CEO David O’Reilly (The Howard Hughes Corporation/SOM)
Howard Hughes hopes smaller Seaport project will work this time
Howard Hughes hopes smaller Seaport project will work this time
Howard Hughes’ Saul Scherl and a rendering of 250 Water Street (Getty, The Howard Hughes Corporation/SOM)
Howard Hughes to launch review process for $1.4B Seaport tower
Howard Hughes to launch review process for $1.4B Seaport tower
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
arrow_forward_ios

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

Loading...