Don't sign any long-term sports club memberships at Pier 40, because supporters of the Hudson River Park Trust have been claiming for the last few months that the pier is about to fall into the river without necessary repairs that are now unfunded. Legislators in Albany were unable to craft a proposal giving the Hudson River Park Trust what it claimed to need: wider latitude to commercially develop the waterfront to fund necessary repairs and ongoing operations, according to Crain's.
The park trust is running out of money and faces a $100 million-plus repair bill to shore up the pilings under Pier 40. Trust president Madelyn Wils said that the trust may have to close Pier 40 if funds aren't obtained. Suggested solutions include the construction of a 30-story residential/hotel development on Pier 40, and these have met with limited public support. A non-development alternative that's been floated is the creation of a Park Improvement District that will levy taxes on surrounding property that has benefited from the beautification of the west side waterfront.
· Bill to Save Pier 40 Fails [Crain's]
· Will Residential Save Pier 40 From Atlantis Future? [Curbed]
· Pier 40 coverage [Curbed]