The Real Deal New York

Pier 40 project tied to city approval of $100M air rights sale

Atlas and Westbrook plan five buildings at the St. John’s Terminal site
March 08, 2016 03:20PM

Pier 40 Hudson River Park

Pier 40 at Hudson River Park

The Hudson River Park Trust wants to begin repair work on the sports facility on dilapidated Pier 40, but funding for the renovations is tied to city approval of the $100 million air rights sale to Westbrook Partners and Atlas Capital Group.

On Tuesday, the trust issued a request for proposals for a firm to design the overhaul of the 15-acre sport facility at Hudson River Park, a huge source of revenue for the organization.

A 2015 report found the 3,500 steel piles holding up Pier 40 are decaying and renovating them over a 10-year period would cost $104 million, Crain’s reported.

Atlas and Westbrook struck a deal for the 250,000 square feet of air rights with the city last October. The developers need the rights to move forward with 1.7 million-square-foot St. John’s Terminal project. They plan five buildings at the site, which will contain 1.3 million square feet of housing, with about 1,586 units planned.

The developers are formally submitting their plans for a zoning change at the site, which necessitates a public-review process that could take around seven months, according to Crain’s.

If the air rights sale is approved, work on Pier 40 could begin in spring of 2017, Crain’s reported. [Crain’s]Dusica Sue Malesevic