241 Water Street up for grabs as Seaman’s Institute leaves NYC

241 Water Street (source: PropertyShark)

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The Seaman’s Church Institute Is Leaving The South Street Seaport for Port Newark after 176 years and putting its 241 Water Street facility up for sale, the New York Times reported. The six-story, 33,168-square-foot building was built in 1991 and has views of the East River from around 4,500 square feet worth of terraces. The institute, which currently has 18 employees at the property, has been gradually migrating away from the city for years, with its training and computerized shipping simulators having already relocated to Kentucky and Houston, respectively. Those 18 staffers will begin working at the institute’s Port Newark facility later this month, when its $2.6 million renovation is slated for completion. Edward Midgley of CB Richard Ellis is handling the Water Street sale, which he hopes will command upwards of $13 million from either a commercial or residential user, or both. [NYT]