Hudson River Park Trust (HRPT) CEO Madelyn Wils has indicated that the Trust’s board of directors would like to use some of the 400,000 square feet of Pier 40’s development rights to repair the pier and generate revenue, according to a DNAinfo article.
HRPT is the organization that controls Pier 40, a park complex of athletic fields, a commercial parking garage, and the administrative offices for the Trust. The pier is one of the properties that comprises the Hudson River Park, a series of parks along the waterfront of the Hudson River in New York City. Pier 40 is required to be financially self-sufficient.
The Trust intends to sell 200,000 square feet of the pier’s 400,000 square feet of air rights to developers Westbrook Partners and Atlas Capital Group to redevelop St. John’s Terminal, located across the street from the pier. This $100 million deal must still complete the Uniform Land Use Review Procedure (ULURP), after which the Trust will hold a vote on the sale of the air rights.
The deal is likely to be approved since it “was announced with the blessing of local Councilman Corey Johnson, and the chair of the City Planning Commission, Carl Weisbrod,” the article states. DNAinfo was able to compile records of meetings and correspondence that also seemed to indicate support from the city.
If the deal is approved, West Village residents fear the potential for several other large-scale projects in the area, but they have been assured that the $100 million of the deal will be used to repair and restore the Pier 40 across the West Side Highway, particularly its rotting piles.
According to the DNAinfo article, Wils expressed that the HRPT board believes “office space could be the best use for the development rights [also known as air rights] remaining after 200,000 square feet are sold to the owners of the St. John’s Terminal.” This action would generate revenue and “help the Trust’s finances.”