Atlas Capital in talks over $100M repair plan for Pier 40

Hudson River Park would sell air rights to St. John's Terminal developer under deal

TRD New York /
May.May 16, 2014 09:05 AM

Developer Atlas Capital Group, co-owner of the St. John’s Terminal Building, is negotiating with the state and Hudson River Park officials over a deal that would provide $100 million for the redevelopment of the decaying two-story Pier 40 near West Houston Street.

The proposed deal calls for the transfer of unused air rights from the pier to the four-story terminal building at 550 Washington Street in exchange for the funds. Atlas would then tear down the building over the next decade in an effort to construct retail outlets and residential properties.

The talks are “focused on solving a longstanding, well-documented problem at Pier 40 through the development of a mixed-use project at the St. John’s site,” an Atlas spokesperson told the New York Times.

The city and state would have to give final approval on the plan and necessary zoning changes. A New York state law, which was passed last year, permits the trust for Hudson River Park to sell development rights as far as one block east of park boundaries to pay for repairs at Pier 40, as previously reported. Preservationist groups had criticized the apparent lack of information about the potential impact of the resulting development. [NYT]Mark Maurer


Related Articles

arrow_forward_ios
Atlas Capital pays $240M for LA Times’ printing plant in Downtown

Atlas Capital pays $240M for LA Times’ printing plant in Downtown

Atlas Capital pays $240M for LA Times’ printing plant in Downtown
110 Leroy Street (Credit: Google Maps)

Atlas Capital buying West Village building for $80M

Atlas Capital buying West Village building for $80M
Pier 40 (Credit: Google Maps)

The West Village’s Pier 40 could be home to a new 700K-sf commercial development

The West Village’s Pier 40 could be home to a new 700K-sf commercial development
The 10 biggest Queens deals in Q2 2018

The 10 biggest Queens deals in Q2 2018

The 10 biggest Queens deals in Q2 2018
Partners Group, Atlas buy out Square Mile at Factory Building in $400M deal

Partners Group, Atlas buy out Square Mile at Factory Building in $400M deal

Partners Group, Atlas buy out Square Mile at Factory Building in $400M deal
Aby Rosen just bought a condo. In a competitor’s project.

Aby Rosen just bought a condo. In a competitor’s project.

Aby Rosen just bought a condo. In a competitor’s project.
He’s baaaack: Durst appointed to Hudson River Park Trust

He’s baaaack: Durst appointed to Hudson River Park Trust

He’s baaaack: Durst appointed to Hudson River Park Trust
Douglaston Development looks to build 1.1M sf project near Hudson Yards

Douglaston Development looks to build 1.1M sf project near Hudson Yards

Douglaston Development looks to build 1.1M sf project near Hudson Yards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...