Pier 40 Infrastructure. A 2015 study found that Pier 40 is falling apart, with more than half of the 3,500 steel pilings supporting its 15-acre structure suffering from severe deterioration. In addition, there are serious drainage issues on the fields and the building is dilapidating. If the pilings and drainage are not addressed, Pier 40 fields could be closed. The repair bill for the pilings is estimated at $104 million and the work would take ten years (the work would be below the pier and is not expected to affect field use).
Sale of Air Rights Could Fund Repair of Pilings. The latest plan to sustain Pier 40 involves a deal between the Hudson River Park Trust and the neighboring St. John’s Terminal Building to pay for the repairs needed to keep the pier operational. The plan would allow the Trust to repair the pilings and keep the pier open while it looks to find a permanent solution. This approach, which went through a public approval process, (read resolution here), and is slated for a November 2016 final decision by the City Council, envisions raising $100 million by selling one third of existing air rights to allow the development of five buildings between Clarkson and Charlton Streets, on the eastern side of the highway. The money for Pier 40 would be paid up front and must be used to repair the infrastructure at Pier 40. P40C and the voice of its members must be heard before the Council meets or we will won’t have a voice in determining the fate of Pier 40.