Councilman’s request could cut off from $140 million in funds for Pier 40
Mitch Korbey was quoted in Crain’s New York Business regarding a councilman’s request that no more development rights be transferred within his neighborhood from Pier 40. The Hudson River Park Trust is seeking approval to sell 200,000 square feet of rights to Westbrook Partners and Atlas Capital to build a residential, retail and office complex. City Councilman Corey Johnson has sought to block further air rights transfers within Community Board 2 as a condition of his approval of the sale of 200,000 square-feet of development rights from the pier to a development project on the St. John's Terminal site, across the West Side Highway.
"Transferring development rights from a single property from one community board to another would be almost without precedent," said Korbey. "It sounds like what's being said is the air rights over Pier 40 are going to be exhausted after this transfer."