The Real Deal New York

Council subcommittee approves $100M Pier 40 air rights sale

Deal will allow Westbrook, Atlas Capital to proceed with 1.7M mixed-use project
December 05, 2016 03:15PM

Rendering of St. John’s Terminal With Pier 40 Air Rights and Corey Johnson

Rendering of St. John’s Terminal With Pier 40 Air Rights and Corey Johnson

A key City Council committee approved the $100 million transfer of air rights Monday from Pier 40 to St. John’s Terminal, all but paving the way for the sale.

With the go-ahead from the Subcommittee on Zoning and Franchises, it’s very likely that the full City Council will also greenlight the air rights transfer, Crain’s reported. Developers Westbrook Partners TRData LogoTINY and Atlas Capital Group plan to buy 200,000 square feet of air rights from Pier 40 to redevelop St. John’s Terminal into a 1.7 million-square-foot mixed-use development.

Ahead of Monday’s vote, the Hudson River Park Trust agreed to a request from Council member Corey Johnson, who sits on the subcommittee, to refrain from selling anymore of the $140 million worth of air rights at Pier 40. The trust, instead, will try to use the air rights to develop on the pier.

The City Council is expected to vote on the air rights sale later this month. [Crain’s] — Kathryn Brenzel