St. John's Terminal Secures $300M Loan To Buy Pier 40 Air Rights
St. John's Terminal continues to inch closer to becoming a reality, now that it has secured a $300M loan.
Westbrook Partners and Atlas Capital Group, which are co-developing the conversion of the West Village industrial space, consolidated two separate $100M loans and received an additional $100M for the purchase of neighboring Pier 40's air rights with its new loan from Morgan Stanley, the Commercial Observer reports.
When completed, St. John's Terminal will be a four-building complex of office space, a hotel, retail space, market-rate and below-market-rate apartments totaling 1.7M SF. Westbrook and Atlas received the necessary zoning variance from the City Council in December.
Pier 40, where Hudson River Park sits, will reportedly use the $100M it receives for 200K SF of air rights to fund critical repairs of the failing support beams keeping it above water.
