• Uses: At 15 acres, Pier 40 contains a 765,000 SF, two‐story complex with an approximately 2,000‐space public parking garage, athletic fields, and the offices of the Hudson River Park Trust (HRPT). Pier 40 is used more than 230,000 times a year by school children, youth and adult athletic leagues. The fields are open from 8AM to 12:30AM and are full year round.
  • Financial Structure: Under the terms of the Hudson River Park Act of 1998, Pier 40 was designated for park/commercial use in order to generate revenue for Hudson River Park, as well as to provide essential public open space.
    • Pier 40 has historically generated 40 percent of HRPT’s operating revenue, largely through its parking facility.
    • HRPT has lost in excess of $1.6 million in annual operating income due to closed portions of Pier 40 because of its poor structural condition.
    • HRPT has spent over $18 million in the last 4 years making critical repairs to keep Pier 40 building operating, which has eaten up most of the pier’s entire income during that time.
  • Structural Status: Pier 40 is in immediate need of repair.
    • A recent report, conducted by the engineering firm CH2M, formerly Halcrow, revealed that 57 percent of Pier 40’s 3,500 steel pilings are suffering severe deterioration, up from 38 percent five years ago. The report estimates $104 million in funding is needed to make the pile repairs. Additionally, portions of the roof are in such disrepair that sections of the garage and the passive rooftop field have been closed.
    • In November 2013, the State Hudson River Park Act was amended to allow the transfer of development rights from Hudson River Park in recognition of the severe financial problems the Hudson River Park Trust faces because of the deteriorated Pier 40 and other unfunded needs in the park. Pursuant to the Act, any sales from Pier 40 must be used directly to benefit Pier 40.