Corey Johnson wants to block potential sale of $140M in Pier 40 air rights

Council member says he'll veto 1.7M sf St. John's development if Hudson River Park Trust sells remaining dev rights in CB2

New York /
Oct.October 26, 2016 03:50 PM

City Council member Corey Johnson has another condition before he’ll sign off on the proposed 1.7 million-square-foot project across from Pier 40 by developers Westbrook Partners and Atlas Capital. And this one could be a deal-breaker.

The councilman wants to block the Hudson River Park Trust, the public-benefit corporation that oversees Pier 40, from selling any more development rights within the surrounding neighborhoods, including the West Village, Greenwich Village and Soho.

The Hudson River Park Trust plans to sell $100 million worth of development rights — 200,000 square feet — to Westbrook and Atlas for their mixed-use development, called the St. John’s Center. The proceeds of the sale will be used to maintain the pier.

If that sale goes through, Pier 40 will have 380,000 square feet remaining, worth $140 million, and Johnson has requested that they be sold anywhere but within the bounds of Community Board 2. Otherwise, he’ll veto.

Those restrictions will make it difficult to sell the remaining development rights at all, since it would require the trust to sell to properties at distances that are unprecedented in the city, due to land-use laws and other restrictions.

The trust, not surprisingly, opposes Johnson’s proposal. The organization plans to use the air rights to redevelop Per 40, or use them to fund its maintenance. “Our ability to sustain the pier and park long-term depends on our ability to redevelop and generate revenue at Pier 40,” a Hudson River Park Trust spokesperson told Crain’s.

Johnson has also made the city’s approval of a 10-block extension to the West Village Historic District a condition to his approval. [Crain’s]Chava Gourarie 


Related Articles

arrow_forward_ios
 38 Gramercy Park North and Victor Sigoura of Legion Investment Group (Apartments, Getty)
Gramercy Park co-op building hits market for $50M amid legal fight
Gramercy Park co-op building hits market for $50M amid legal fight
St. Paul and St. Andrew United Methodist Church at 263 West 86th Street (Google Maps, iStock)
Upper West Side church prays for air rights extension
Upper West Side church prays for air rights extension
950 Third Avenue (950 Third Avenue)
“There will be no return”: Tower won’t give back air rights
“There will be no return”: Tower won’t give back air rights
The parking lot at 250 Water Street (New York Public Library)
What’s next for a 50-year-old parking lot in NYC’s oldest neighborhood?
What’s next for a 50-year-old parking lot in NYC’s oldest neighborhood?
Maddd Equities's Jorge Madruga and Joy Construction's Eli Weiss with renderings of the project (Aufgang Architects, Getty, LinkedIn via Weiss)
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Rendering of H Hotel, slated for 58 West 39th Street (Peter Poon Architects)
Heavy hangover: Air rights purchased for massive cantilever
Heavy hangover: Air rights purchased for massive cantilever
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)
What rich people in NYC will pay to keep their view: TRD analysis
What rich people in NYC will pay to keep their view: TRD analysis
arrow_forward_ios

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

Loading...