New York

Hudson River Park Trust might extend lease

The Hudson
River Park Trust voted to begin talks with legislators about extending
the 30-year lease agreement for the 14-acre Pier 40 dock space at the
end of West Houston Street to 49 years. Connie Fishman, president of
the trust, said extending the lease is necessary because the 30-year
lease “is not long enough for developers to recoup their investments.”
Many community advocates, however, fear a longer lease would lead to
large developments, like the Related Companies’ old plan for Pier 40,
which included a home for Cirque du Soleil and the Tribeca Film
Festival. Related opted not to pursue the site when they did not
receive their desired 49-year lease.

COMPANIES AND PEOPLE

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New York

Hudson River Park Trust might extend lease

The Hudson
River Park Trust voted to begin talks with legislators about extending
the 30-year lease agreement for the 14-acre Pier 40 dock space at the
end of West Houston Street to 49 years. Connie Fishman, president of
the trust, said extending the lease is necessary because the 30-year
lease “is not long enough for developers to recoup their investments.”
Many community advocates, however, fear a longer lease would lead to
large developments, like the Related Companies’ old plan for Pier 40,
which included a home for Cirque du Soleil and the Tribeca Film
Festival. Related opted not to pursue the site when they did not
receive their desired 49-year lease.

COMPANIES AND PEOPLE

Tags