[Insurance]

Michael Kimmelman But a fuller explanation involves deals cut back in the day by local politicians appeasing NIMBY constituents who didn’t want their waterfront views blocked by a tower at 250 Water. As part of the district, the lot has caused endless headaches for the city’s Landmarks Preservation Commission since the area was designated in the 1970s. Various proposals have surfaced to develop the property. The commission OK’d one 30 years ago: an ill-conceived, never-realized plan for an 11-story monolith — too big for the four-, five- and six-story Georgian and Federal-style historic architecture, puny next to high-rise neighbors. A decade later, local residents backed a zoning that allowed a similar-size development, inhibiting anything taller absent city permission. Now a new proposal is making its way through the city bureaucracy. A rendering of the 250 Water Street development with a view looking north on Water Street; the red brick podium of the proposed building is on the left, with the tower pushed west above it.Credit...The Howard Hughes Corporation/SOM A rendering of 250 Water street as seen from the Brooklyn Bridge, with the Seaport district in front.Credit...The Howard Hughes Corporation/SOM In this rendering, looking south on Pearl Street, the podium and the tower rising on 250 Water Street are on the left.Credit...The Howard Hughes Corporation/SOM At a Landmarks Commission hearing in January the Howard Hughes Corporation, which bought the 48,000-square-foot lot for a whopping $180 million in 2018, unveiled a scheme to clean up mercury under the property (this used to be the site of a thermometer factory) and build a $1.4 billion, 470-foot-high mixed-use development. Chris Cooper and a team of architects at Skidmore, Owings & Merrill produced a design. They imagined a pair of 38-story residential towers rising from a six-story podium containing office, retail and community spaces. The podium-and-towers arrangement was an attempt to negotiate the tricky but crucial transition between the Seaport and the taller modern buildings immediately around it. The plan envisioned 260 market-rate condos occupying the towers along with up to 100 subsidized units for tenants averaging 40 percent of the area’s median income, a significant number in an affluent district. During Mayor Bill de Blasio’s tenure precious few affordable apartments have been built below Chambers Street in Manhattan. Meanwhile, 1,651 subsidized apartments were lost in 2014 when tenants at Southbridge Towers — the middle-class, 1960s-era Mitchell-Lama high-rise development across Pearl Street from the parking lot (which is to say, just outside the historic precinct) — voted to cash in on decades of public subsidy and privatize. It was their views of the waterfront that officials spared by including 250 Water within the precinct. In addition to subsidized apartments, Hughes said it would contribute $50 million to the South Street Seaport Museum , should the project win approval. The museum, which among other things maintains a costly fleet of old ships, was established during the 1960s with an unfunded mandate to sustain the legacy of the waterfront. The conceit was that it could derive revenues from real estate developments in the district. Block 98, as 250 Water Street is also known, was early on earmarked as a potential development site.

https://www.nytimes.com/2021/04/27/arts/design/south-street-seaport-water-street.html

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