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
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