I guess the optics of calling it a THERMOMETER factory with MERCURY weren't great - so they went with this instead :
The Howard Hughes Corp. (HHC) has unveiled its plan to redevelop an OLD GLUE FACTORY site in the South Street Seaport as a 470 ft. twin tower apartment complex.
Howard Hughes Pitches $1.4 Billion Development IN the NYC Seaport.
(why does it say near? - it's smack IN the Southstreet Seaport Historic District)
Numerous plans for the Water Street lot have failed over the years, long before it was purchased by Howard Hughes. The current zoning allows for a roughly 12-story tower. The larger proposed buildings, at about 38 stories, require city approval.
POPs at 200 Water Street
The final sentence sums it up very well "As it stands, owners on Water Street already get to profit off of the bonus floor area created by POPS; they will now collect rents on the new storefronts, too. For that, Goldstein said, “The developer is getting a lot and the public is getting less.”
This was adopted BUT NOT for the Seaport???
In 2018, amidst growing concerns, Mayor de Blasio asked the Department of City Planning (DCP) to examine excessive voids used to raise residential tower heights in predominantly residential areas: