NYC’S HUDSON RIVER PARK TRUST IDENTIFIES DEVELOPMENT SITES

04/02/2014 2:03 am

 

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The Hudson River Park Trust, of New York City, has identified seven piers whose air rights could help reap the trust nearly a half-billion dollars to fund the repair of crumbling parkland infrastructure along river, report Crain's. The Trust's plan identifies 7 piers and 6 building sites, many of the parcels are government owned.

The trust is looking to unload the air rights of piers from West 17th to West 58th streets to pay for munch-needed repairs - namely a $110 million restoration of the crumbling 14-acre Pier 40, near Houston Street. The piers potentially contain about 3.5 million square feet of undeveloped air rights, which could be worth up to $1 billion, reports Crain's. The state Legislature gave the trust the authority to sell its air rights last year.

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