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Selling 7 Piers' Air Rights Could Net Hudson River Park $500M

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Hudson River Park Trust's controversial plan to sell air rights so that developers nearby can build taller projects by the water now has more details and a dollar figure attached to it. Crain's reports that the nonprofit that governs the park has identified seven piers between 17th and 58th streets whose air rights could be sold—bringing as much as $500 million in funds to the cash-strapped green space. That figure comes from an estimated value of $300 per square foot for about 1.6 million square feet of air rights.

The piers—as well as six potential development sites along Twelfth Avenue that could use the rights to build higher—were all outlined in a preliminary report by Community Board 4, so nothing is final yet. The spaces that could get redeveloped after an air rights boon range from a postal service facility on 24th to a lot owned by the DOT next to the Javits Center. The park also wants to develop some of its piers itself. Said the trust's chair, Madelyn Wils: "It doesn't mean they are going to be available and that there are no other sites—this is like a first pass over the neighborhood." Despite the fact that the state has allowed HRP to do this, the preservationists (and others) are probably still mad.
· Hudson River Park Trust eyes air-rights rescue [Crain's]
· Not Everyone Likes Hudson River Park's Plan To Sell Air Rights [Curbed]
· Preservationists Hate Hudson River Park's Air Rights Deal [Curbed]
· All Hudson River Park coverage [Curbed]