Search
Copyright © 2024 ALM Global, LLC. All Rights Reserved.
Architectural rendering of Pier 55/ Image credit: The City Club of New York NEW YORK CITY—In an unexpected dramatic plot twist, the construction of Pier 55 has been revived. Gov. Andrew Cuomo brokered an agreement with the multiple parties in dispute over the project. The governor anticipates that the proposed 2.7-acre island structure, which will have a performance center and rise seven stories above the waters off the Hudson River shoreline—will debut during his next term of office, if reelected.
Just last month, Pier 55′s funder, billionaire Barry Diller, chair of IAC and Expedia, pulled out of the project. Estimated costs had swelled to $250 million. In pre-construction costs alone, Diller had paid $40 million dollars, and the proposal remained mired in litigation.
But on Wednesday, Cuomo announced he had productive conversations with the City Club of New York. The civic advocacy non-profit agreed to cease its litigation to halt the project. “Pier 55 will go forward, and we will work cooperatively to complete the full vision for the park,” Cuomo said.
Real Estate Board of New York President John Banks who was not a party in the dispute, stated the “historic announcement” by Cuomo was a win for the people of New York. “I want to thank the governor for his leadership to complete this visionary project and for his commitment to protect the Hudson River and Hudson River Park.”
*May exclude premium content
Already have an account? Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Assessment
Sponsored by Cherre
Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges
CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.
Assessment
Sponsored by Cherre
Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges
CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.
Assessment
Sponsored by Cherre
Enabling Stakeholder Confidence in Your Data: A Self-Assessment for Real Estate Organizations
Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.
Copyright © 2024 ALM Global, LLC. All Rights Reserved.
Sign In
Sign In
