Pier 40 commercial office analysis

Under the Champions plan, the two towers would be located just east of Pier 40, in the parking turnaround area between the former Holland-America shipping pier and the Hudson River Park bike path. In a hearing Tuesday, Madelyn Wils, president and CEO of the trust, told local officials it does "not believe the draft in its current form creates a viable path forward because of its combination of limitations and requirements.

The legislation proposes allowing the pier to develop parking for passenger vehicles with a seating capacity of 10 or fewer passengers, as long as there is space predominantly for long-term local residential parking.

The Champions plan is a creative spin on an earlier idea by outside consultants that the leagues commissioned last year to try to solve the Pier 40 puzzle.

pier 40 for all

A newly proposed amendment could allow for the partial redevelopment of a West Village pier. Durst, who has teamed up on the plan with Ben Korman, who used to run the parking at Pier 40, is proposing an adaptive reuse of the existing pier-shed structure.

Meanwhile, there is another competing concept plan for Pier 40, this one by developer Douglas Durst.

save pier 40

The amendment would allow the Hudson River Park Trust to enter into a lease of up to 49 years with a developer, with the option of one year renewal if a majority of the board approves it.

At any rate, the financial model Newmark outlined for the Durst concept is much sketchier than that for the Champions.

Pier 40 development

The legislation proposes allowing the pier to develop parking for passenger vehicles with a seating capacity of 10 or fewer passengers, as long as there is space predominantly for long-term local residential parking. The In addition, the legislation restricts office space from exceeding , square feet, or 50, square feet for operations space. Durst, who has teamed up on the plan with Ben Korman, who used to run the parking at Pier 40, is proposing an adaptive reuse of the existing pier-shed structure. Durst actually likes housing in parks Adding yet another twist, Durst is now saying that he is, in fact, a big supporter of housing in parks. More to the point, residential use is prohibited under the Hudson River Park Act that created the park, so a legislative change in Albany would be required. The amendment would allow the Hudson River Park Trust to enter into a lease of up to 49 years with a developer, with the option of one year renewal if a majority of the board approves it. What should be questioned is the math in the housing proposal, which is overly optimistic; the Champions assume an extraordinary high rate of return and efficiency factor. But the idea of housing on the pier generated intense opposition from some stakeholders, notably Assemblymember Deborah Glick, who called it foolhardy in an era of rapid climate change. Housing in parks, as a concept, is something he is fine with, i. Glick has said she would oppose such a modification, while state Senators Brad Hoylman and Daniel Squadron both recently publicly said they have serious reservations about the idea of housing in Hudson River Park. While the reports have not been made public, The Villager has obtained copies of both documents. Meanwhile, there is another competing concept plan for Pier 40, this one by developer Douglas Durst.

That study found that retail use on the pier would provide the highest revenue for the park combined with the least impact, when compared with other possible uses, like destination retail or entertainment. But the idea of housing on the pier generated intense opposition from some stakeholders, notably Assemblymember Deborah Glick, who called it foolhardy in an era of rapid climate change.

There may be better locations, and if so, the parking area in front Pier 40 could be park instead of high-rise housing.

Pier 40 renovation

The Champions plan is a creative spin on an earlier idea by outside consultants that the leagues commissioned last year to try to solve the Pier 40 puzzle. In a hearing Tuesday, Madelyn Wils, president and CEO of the trust, told local officials it does "not believe the draft in its current form creates a viable path forward because of its combination of limitations and requirements. A newly proposed amendment could allow for the partial redevelopment of a West Village pier. The law that led to the creation of the waterfront park included a provision that the park be able to sustain itself with funds earned from commercial sites within its bounds. That study found that retail use on the pier would provide the highest revenue for the park combined with the least impact, when compared with other possible uses, like destination retail or entertainment. Durst, who has teamed up on the plan with Ben Korman, who used to run the parking at Pier 40, is proposing an adaptive reuse of the existing pier-shed structure. And she wants the limit on office space set at , square feet. Housing in parks, as a concept, is something he is fine with, i. The legislation proposes allowing the pier to develop parking for passenger vehicles with a seating capacity of 10 or fewer passengers, as long as there is space predominantly for long-term local residential parking. Durst actually likes housing in parks Adding yet another twist, Durst is now saying that he is, in fact, a big supporter of housing in parks.

The law that led to the creation of the waterfront park included a provision that the park be able to sustain itself with funds earned from commercial sites within its bounds.

The Hudson River Park Trust, however, is not on board with all of the amendment's terms.

Pier 40 history

The At any rate, the financial model Newmark outlined for the Durst concept is much sketchier than that for the Champions. The law that led to the creation of the waterfront park included a provision that the park be able to sustain itself with funds earned from commercial sites within its bounds. There may be better locations, and if so, the parking area in front Pier 40 could be park instead of high-rise housing. But the idea of housing on the pier generated intense opposition from some stakeholders, notably Assemblymember Deborah Glick, who called it foolhardy in an era of rapid climate change. Durst actually likes housing in parks Adding yet another twist, Durst is now saying that he is, in fact, a big supporter of housing in parks. The amendment would allow the Hudson River Park Trust to enter into a lease of up to 49 years with a developer, with the option of one year renewal if a majority of the board approves it. Housing in parks, as a concept, is something he is fine with, i. The Hudson River Park Trust, however, is not on board with all of the amendment's terms. So, the leagues, last year, working with WXY Architects created their own concept plan, and more recently tweaked it a bit, to provide even more field space on the pier. That study found that retail use on the pier would provide the highest revenue for the park combined with the least impact, when compared with other possible uses, like destination retail or entertainment. The Champions plan is a creative spin on an earlier idea by outside consultants that the leagues commissioned last year to try to solve the Pier 40 puzzle. In a hearing Tuesday, Madelyn Wils, president and CEO of the trust, told local officials it does "not believe the draft in its current form creates a viable path forward because of its combination of limitations and requirements. A newly proposed amendment could allow for the partial redevelopment of a West Village pier. In addition, the legislation restricts office space from exceeding , square feet, or 50, square feet for operations space.
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