Under a 20-year lease, P55 will fund the programming, operations and day-to-day maintenance of the pier. Pier55 will be open the same hours as the rest of Hudson River Park, and, through the lease, P55 is committed to providing maximum public access, including during most performances.

“New York City's waterfront provides tremendous opportunities for everything from tourism to outdoor recreation, and Pier55 is the perfect example of how we can tap into that resource to build a more enjoyable city for all,” says Governor Andrew Cuomo.

“Hudson River Park has become a destination for millions of New Yorkers from across all five boroughs,” adds Mayor Bill de Blasio. “The revitalization and transformation of this pier into a vibrant arts and community space will bring new energy and new visitors to our waterfront.”

“New York has always reminded me of Venice, so I am happy the time has come to properly honor its waterways,” says legendary fashion designer Diane von Furstenberg. “What better than a park on the city's western bank to rest, watch a sunset or a performance?”

The new pier will be will be constructed between the pile fields of Pier 54 and Pier 56, which will remain in order to provide a fish habitat.

“This distinctly New York partnership brings together the kind of creativity, bold long-term thinking and funding commitment that are essential for such a world-class venture, and moves us closer to fulfilling our mission as a self-sustaining park,” says Madelyn Wils, President and CEO of the Hudson River Park Trust. “The Diller–von Furstenberg family's support and dedication, and our partnership with the city and state, make this project both transformative and sustainable.”