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City Council OKs $52M air-rights deal for Hudson River Park: Developers can boost density of nearby apartment towers

The City Council on Thursday approved a rezoning and air-rights sale that will net the Hudson River Park Trust $52 million and allow the buyers to boost the size of their residential projects across the West Side Highway.

The 4-mile Hudson River Park encompasses several commercial piers that are zoned for development. But rather than build to the maximum, the operating trust has opted to sell off some of the square footage to nearby development parcels and use the proceeds to fund improvements.

In this case, the trust will offload 158,000 square feet of development rights associated with three piers between West 17th and West 22nd streets —currently leased by the Chelsea Piers Sport & Entertainment Complex—to Douglaston Development and Lalezarian Properties. The two firms own separate sites on the block across from the park, between West 29th and West 30th streets and had sought the city's approval of the air-rights transaction and a rezoning to boost the size of their projects.

Douglaston's project will rise around 600 feet and contain roughly 1,000 apartments, retail space and an EMS facility, while Lalezarian's development will house around 200 units and 13,000 square feet of commercial space.

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Crain's