[NYguy]

http://therealdeal.com/2016/10/17/ci...rk-air-rights/

City planning commission approves $100M sale of Hudson River Park air rights
Westbrook Partners plans 1.7M sf mixed-use complex at St. John's Termina


October 17, 201

The City Planning Commission approved the sale of air rights from the Hudson River Park Trust to developers who plan to construct a five-building, 1.7 million-square-foot complex across from Pier 40 on the Hudson River.

The Hudson River Park Trust, which manages the park, will sell 200,000 square feet of air rights to developers Westbrook Partners and Atlas Capital Group for $100 million, allowing the developers to move ahead with their proposed redevelopment of St. John’s Terminal at 550 Washington Street. The proceeds of the sale will be used to repair the pilings that keep Pier 40 afloat, Crain’s reported.

The deal still requires the blessing of the City Council, which will decide whether to approve the sale in the coming weeks.

The developers plan to transform the St. John’s Terminal, a three-block long building along the Hudson River, into an office and residential complex with over 1,500 apartments in four buildings, a hotel, and at least of 400,000 square feet of retail space.

http://www.crainsnewyork.com/article...state-20161017

The developers made some minor modifications to the project, which is set to contain more than 1,500 apartments, after a number of concerns were aired during the public review process. Among the changes were the team agreed to build a 10,000-square-foot indoor recreation space that will be accessible to the public, and remove the rail structure over West Houston Street, which would open the area and provide a grand entrance to Hudson River Park.

"Rarely do we see applications with the potential to achieve so many public goals that are meaningful to such a very large range of stakeholders," said Director of the Planning Department Carl Weisbrod in a statement.

But whether those were enough to satisfy City Councilman Corey Johnson, the area's local representative, remains to be seen.

Last month, Westbrook began looking for a partner who would help it redevelop the St. John's Terminal, a three-block long, four-story building at 550 Washington St. that straddles Houston Street.