The property involved is a 1-acre land site located at 250 Water Street in the Financial District. The asset was acquired for a transaction amount of $150.5 million. It features 55,000 building square feet, resulting in a price per building square foot of $2,736. This acquisition is positioned to facilitate the development of a 27-story, 550,000-square-foot apartment tower.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $150,500,000
• Building Square Feet: 55,000
• Price Per Building Square Foot: $2,736
• Buyer: Nicholas Silvers & Dov Barnett - Tavros Capital
• Seller: Anton Nikodemus - Seaport Entertainment Group
• Broker: Andrew Scandalios, Ethan Stanton & Nicco Lupo - JLL

The transaction saw Nicholas Silvers and Dov Barnett representing Tavros Capital as the buyers, while Anton Nikodemus acted as the seller representing Seaport Entertainment Group. The brokerage team from JLL facilitated the deal, which awarded Tavros Capital a significant development opportunity in an emerging market.