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Pier 40 Public Review

Pier 40 Notice of Public Hearing and Comment Period

August 24, 2016

To be held concurrently with the New York City Planning Commission’s public hearing on the Special Hudson River Park District and 550 Washington Street. The City Planning Commission public meeting begins at 10am. The public hearing on this matter is expected to begin at approximately 11am

Spector Hall
22 Reade Street
New York, New York

Pier 40 Notice of Public Hearing and Comment Period

Amended and Restated Memorandum of Understanding

Purchase and Sale Agreement

Identified Pier 40 Infrastructure Improvements

Pier 40 Air Rights Appraisal

OVERVIEW OF PIER 40 PUBLIC REVIEW

A proposed private development located at 550 Washington Street in the Borough of Manhattan, City and State of New York (the “SJC Property”) is currently being reviewed through New York City’s Uniform Land Use Review Procedure (“ULURP”) and the City Environmental Quality Review process.  If the actions are approved, the Hudson River Park Trust will separately consider transferring by sale 200,000 square feet of unused development rights from Pier 40 to 550 Washington Street through our “Significant Action Process,” as further described below.

On October 17, 2016, the City Planning Commission voted to approve the creation of the Special Hudson River Park District that designates Pier 40 at West Houston Street and the Hudson River (Block 656, Lot 1) as the “granting site” and 550 Washington Street (Block 596, Lot 1) as the “receiving site” in the special district in Community District 2 in Manhattan.  Among other actions, on that date, the City Planning Commission also voted to approve a special permit that would allow the transfer of Floor Area from Hudson River Park.

NEXT STEPS IN THE ULURP PROCESS

As the next step in the ULURP process, the New York City Council is expected to vote on the proposed actions on December 15, 2016.

HUDSON RIVER PARK’S SIGNIFICANT ACTION PROCESS

Pursuant to the Hudson River Park Act, the Hudson River Park Trust conducted a public hearing and public comment period to consider the proposed transfer by sale of 200,000 sf of unused development rights from Pier 40 and associated actions.  The hearing took place on August 24, 2016, and the public comment period occurred from July 20, 2016 to September 21, 2016.

Read the statement provided by Madelyn Wils, President & Chief Executive Officer of the Trust, at the August 24th hearing.

Following successful completion of the ULURP process, and after considering the public’s comments, the Trust’s Board of Directors will vote on the proposal to sell 200,000 square feet of unused development rights from Pier 40.  This vote will occur on December 15, 2016, following the City Council vote.

BACKGROUND

Pursuant to the Hudson River Park Act, Chapter 592 of the Laws of 1998 of the State of New York, as amended (the “Act”), the Trust is responsible for the planning, design, development, construction, operation and maintenance of the Hudson River Park and the improvements therein (collectively, the “Park”), which is located along West Street in the Borough of Manhattan, City and State of New York and includes Pier 40.

Pursuant to a 2013 amendment to the Act, the Trust is authorized:

“to transfer by sale any unused development rights as may be available for transfer to properties located up to one block east of the boundaries of the [P]ark along the west side of Manhattan, if and to the extent designated and permitted under local zoning ordinances provided however that revenues derived from the transfer of air rights from [P]ier 40 must be used in the first instance for the repair of [P]ier 40 infrastructure including piles and roof, after which any excess revenues may be used by the [T]rust for other uses permitted by this [A]ct.”

Several land use actions related to a proposed private development located at 550 Washington Street in the Borough of Manhattan, City and State of New York and having a tax lot designation as Block 596, Lot 1 (the “SJC Property”) are currently being reviewed through New York City’s Uniform Land Use Review Procedure (“ULURP”) and the City Environmental Quality Review process.  Among these is a Special Permit application that would allow the Trust to transfer 200,000 square feet of floor area from Pier 40 to 550 Washington Street if also approved subsequently by the Trust’s Board of Directors (the “Transfer”).

In connection with the Special Permit application, the Trust submitted a statement to the New York City Department of City Planning (“DCP”) identifying infrastructure improvements to be made to the Park at Pier 40, and confirming the sufficiency of funding to complete such identified improvements as required by the Act. In addition, the Trust also (1) negotiated an Amended and Restated Memorandum of Understanding and a revised Purchase and Sale Agreement (the “PSA”) with developer of the SJC Property for the Transfer pursuant to which the developer would pay the Trust $100,000,000, and (2) retained an independent appraiser to conduct an appraisal of the 200,000 square feet of unused development rights.

The previously proposed PSA, the Identified Pier 40 Infrastructure Improvements, and the Appraisal were made available for public review during the Significant Action process. Current documents are available using the links on this page.

PIER 40 ENVIRONMENTAL REVIEW PROCESS

The New York City Department of City Planning, on behalf of the City Planning Commission as lead agency, has issued a Notice of Completion for a Final Environmental Impact Statement (“FEIS”) for the 550 Washington Street/Special Hudson River Park District Proposal. The Notice of Completion, FEIS, and other environmental review documentation are available on the City Planning website at
http://www1.nyc.gov/site/planning/applicants/eis-documents.page.