Commercial tenants steering clear of Governors Island

Ferry service, historic building restrictions seen as stumbling blocks

New York /
Aug.August 20, 2014 10:10 AM

Governors Island Is A Nice Place to visit, but it turns out tenants wouldn’t want to set up shop there.Tourism on the 172-acre island has shot up 15 percent from a year ago to 400,000 visitors. But limited ferry service and infrastructure, as well as building restrictions, make the location a tough sell to permanent tenants, the Wall Street Journal reported.

All told, the city has spent nearly $335 million in capital improvements on the island, but no plans have come forth for a 33-acre site reserved for a convention center or hotel, according to the newspaper. The City University of New York considered leasing historic buildings but determined renovation costs were too high, and New York University decided a proposed campus would feel isolated, the Journal reported.

A nonprofit and a marine science high school are currently the island’s only permanent tenants, but nonprofit Spaceworks will set up artist studios there and Italian spa chain QC Terme plans to open a location. [WSJ]Tom DiChristopher


Related Articles

arrow_forward_ios
Governors Island (Getty)
City Council greenlights Governors Island rezoning
City Council greenlights Governors Island rezoning
Governors Island (Getty, iStock)
Governors Island rezoning inches closer to final vote
Governors Island rezoning inches closer to final vote
Clare Newman with Governors Island (Credit: Governors Island, Getty Images)
Governors Island redevelopment opposed as excessive
Governors Island redevelopment opposed as excessive
City Planning commissioner Marisa Lago and Governors Island (Getty)
Governors Island rezoning process is underway
Governors Island rezoning process is underway
Clare Newman and Alicia Glen with Governors Island (Credit: Governors Island, Getty Images and iStock)
De Blasio names Clare Newman president of Governors Island
De Blasio names Clare Newman president of Governors Island
Governors Island head forced out of role as Alicia Glen to take over site
Governors Island head forced out of role as Alicia Glen to take over site
Governors Island head forced out of role as Alicia Glen to take over site
City moves ahead with plans to rezone Governors Island
City moves ahead with plans to rezone Governors Island
City moves ahead with plans to rezone Governors Island
Trust for Governors Island sues Turner Construction, subcontractor for $5M
Trust for Governors Island sues Turner Construction, subcontractor for $5M
Trust for Governors Island sues Turner Construction, subcontractor for $5M
arrow_forward_ios

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

Loading...