The kind of air rights deal only possible in New York City will offer benefits for both parties and, hopefully, the public.
"The City Planning Commission on Monday approved Hudson River Park Trust's plan to sell $100 million worth of air rights to developers who want to build a mixed-use project across the street from Pier 40," reports Joe Anuta. The proposal must still obtain approval from the full City Council.
The Hudson River Park Trust will use the proceeds from the sale to fund badly needed maintenance at the pier. The developers, Westbrook Partners and Atlas Capital Group, will use the air rights to increase the size of the project proposal, which now includes 1,500 residential units.
In a statement, the director of the Planning Department, Carl Weisbrod, lauded the deal's benefits to a wide range of stakeholders.
FULL STORY: Key city agency signs off on $100 million Hudson River Park deal
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