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Youngwoo Gets Pier 57 Assignment

NEW YORK CITY-The Hudson River Park Trust has conditionally designated the locally based developer's $210-million plan for the historic pier.

By Paul Bubny | Updated on July 31, 2009

NEW YORK CITY-In its second high-profile deal in as many months, Youngwoo & Associates has gotten the nod to develop Pier 57. The conditional designation by the Hudson River Park Trust was announced Thursday, about 14 months after the trust issued an RFP to develop the historic pier in Manhattan’s Meatpacking District.

According to a release, the HRPT evaluated the three competing proposals, which also included submissions from the Related Cos. and a partnership of the Durst Organization and C&K Properties, to develop Pier 57 based on their adherence to the RFP’s criteria. These included: compatibility of the proposed uses with the park; capacity of the development team to complete the project; the project’s design, including its respect for the pier’s historic structure; the financial feasibility of the project; and the revenue it will generate for the HRPT.

Youngwoo’s plan is projected to cost $210 million. It includes a 170,000 square-foot covered, open-air public market, which will be programmed and managed by Urban Space Management and housed partly in recycled and refitted shipping containers. The Tribeca Film Festival will establish a permanent outdoor venue on the roof of the pier, which will also be a year-round backdrop for a series of exhibitions and performances.

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