The long, strange saga of the perennially ailing Pier 40 may finally be getting a resolution, albeit one that has been in the works for years. The New York Times reports that city officials and developers will announce a plan to sell off air rights that would allow for the development of St. John's Terminal building, which occupies a three-block stretch between Charlton and Clarkson Streets. The funds from that sale would then be poured back into the beleaguered Pier 40, which has been in need of repairs for years—more than half of its support structure is crumbling, according to a recent report.
This air rights deal has been an option for some time now, with city officials and developer Atlas Capital Group (a part-owner of St. John's Terminal) working to make it a reality for several years. Last year, a deal was nearly made, with the Hudson River Park Trust and other officials signing a memorandum of understanding (MOU) regarding the air rights; but that ultimately fell apart, due in part to the fact that it would not have required a ULURP for community input.
The new proposal, however, will be subject to ULURP; it also includes a more concrete plans for the St. John's Terminal building, which would be turned into a mixed-use development. According to the Times, the proposal calls for five buildings to rise on the site, with a total of 1.7 million square feet of space; of that, 1.3 million will be allocated for more than 1,500 apartments, including affordable and senior housing.
· Pier 40 to Be Saved Under Plan to Build 1,500 Apartments in West Village [NYT]
· Pier 40 Needs $104M, Decade-Long Overhaul To Begin Now [Curbed]
· $100M Air Rights Sale Might Save Pier 40, Spur New Buildings [Curbed]
· All Pier 40 coverage [Curbed]
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