The Real Deal New York

RXR may lend a hand with Youngwoo’s SuperPier

560,000-square-foot, $200 million waterfront complex is scheduled to open next year

July 23, 2014 04:10PM

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From left: Young Woo, Pier 57 and Scott Rechler

From left: Young Woo, Pier 57 and Scott Rechler

Developer Young Woo is reportedly enlisting some help to bring a $200 million waterfront project dubbed the SuperPier to fruition.

RXR Realty is in negotiations to assist Youngwoo & Associates in developing the 560,000-square-foot retail complex on Pier 57 at West 15th Street, sources told Crain’s. Neither Youngwoo & Associates nor RXR confirmed the rumor. The size of the investment and the influence over the project RXR remains unclear, according to the news site.

The pier is scheduled to open next year. As currently envisioned, the project would rent out 430 shipping containers along the dock to entrepreneurs for as little as $3,000 per month. Youngwoo & Associates announced three large tenants last September: a spa and beach club spearheaded by hotelier Andre Balazs, clothing retailer Opening Ceremony and a climbing gym operated by Brooklyn Boulders.

Youngwoo & Associates is currently negotiating the terms of a 49-year lease at Pier 57 with the site’s administrator, the Hudson River Park Trust, Crain’s reported. [Crain’s] – Tom DiChristopher

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