The Real Deal New York

Hudson River Park pier needs $104M in repairs: report

Park trust is looking to sell air rights to fund the upgrade

March 30, 2015 01:15PM

Pier 40 Hudson River Park

Pier 40 at Hudson River Park

Hudson River Park’s Pier 40 requires more than $104 million for repairs, which will take almost a decade to complete, according to a new report.

The report — which was commissioned by the Hudson River Park Trust and obtained by Crain’s — showed that more than half of the poles that hold up the 14-acre pier are damaged, according to the publication. Rehabilitating and securing the more than 1,000 supports that need fixing should begin right away, the report also stated. The repairs will be more than the $100 million the Hudson River Park Trust had previously projected, according to the publication.

The trust is planning to sell air rights above the pier to Atlas Capital Group to fund the repairs. Atlas owns the St. John’s Terminal located across the street from the pier and is planning to develop a 1.3 million-square-foot development there.

But, the trust’s president, Madelyn Wils, told Crain’s, “The timing has been slower than we would like on this.” [Crain’s] — Claire Moses

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