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New York

Youngwoo & Associates wins Pier 57 rights

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Youngwoo & Associates won development rights yesterday for Pier 57 with a plan that calls for a concert venue, galleries and an auction house in one 375,000-square-foot building at the pier. Youngwoo had been widely expected to win the contract. The developer’s two competitors, the Related Companies and the Durst Organization, had reportedly decided the project was no longer feasible because of the frozen credit markets. Under Youngwoo’s plan, the Tribeca Film Festival will establish a permanent venue at the pier, and the space will also host a 170,000-square-foot public market.

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Durst OrganizationRelated CompaniesYoungwoo And Associates