Pier 57 set to receive $225 million boost from PNC Bank

Development East
Rendering of Pier 57. (Courtesy Pier 57)

Rendering of Pier 57. (Courtesy Pier 57)

Pier 57, recently renamed the “SuperPier,” has received a $225 million loan from PNC Bank, according to a source close to the Commercial Observer. The $350-million project by RXR Realty and partner Youngwoo & Associates is set restore this old shipping and bus terminal. 560,000 square-feet of mixed-used development will be the result.

Seth Pinksy of RXR told the Commercial Observer that they were “still finalizing terms and agreements with all of the relevant parties.”

Pier 57

Pier 57

Around 480,000 square-feet has already been set aside for office blocks. Google has managed to secure 250,000 square-feet of that space when it signed a 15-year lease, as reported by the Wall Street Journal. So far, there’s no word on who’ll be Google’s neighbors.

A food market run by celebrity chef Anthony Bourdain will occupy 100,000 square-feet. Speaking to The New York Times, Bourdain said the food hall will feel like “an Asian night market.” In addition, 80,000 square-feet will make up the public park that will housed on top of the pier while promenades on which the public can walk will take up 34,000 square-feet of the structure.

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