Atlas Capital Group And Westbrook Partners Get Approval To Sell Air Rights For $100M
The City Planning Commission has approved the sale of air rights from Pier 40 to Atlas Capital Group and Westbrook Partners’ 550 Washington St in the West Village, allowing the two to build a larger apartment complex at the former St. John’s Terminal.
The rights could have a $100M price tag. Hudson River Park Trust—which manages Pier 40 and the surrounding area—will use money from the sale to repair the pier’s piles, Curbed reports.
Some, including the Greenwich Village Society for Historic Preservation, have raised concerns about Atlas and Westbrook’s project (pictured), asking if it could lead to traffic congestion and big-box stores. The developers plans to assuage concerns by building a 10k SF public rec center and removing a rail structure at West Houston Street to create an open entrance to Hudson River Park.
The application is now headed to the City Council for final approval, but the council often defers to the local council member’s opinion and the area’s city councilman, Corey Johnson, has expressed reservations in the past. [Curbed]
