News

St. John’s Developers Considering Major Change to Plan, to Council Chagrin

(DNAINFO)  Danielle Tcholakian | November 1, 2016 — The developers may delay building residential because of the flagging market for it.

The developers of a proposed project at the St. John’s Terminal across from Pier 40 may delay a major element of their plan, prompting concerns that the pier will be deprived of much-needed funds for repairs.

The City Council’s subcommittee on zoning held a public hearing Tuesday on the St. John’s Terminal project and the deal to sell air rights from Pier 40, and the local councilman who represents the area was aggravated by what he called a potential “hybrid plan” the developers are apparently exploring, which would delay development on the center portion of the St. John’s site, where the majority of the housing is expected to be built.

The proposed project at 550 Washington St. would include five buildings holding luxury condos, affordable housing, retail and, potentially, a hotel or office space, made possible by a $100 million purchase of 200,000 square feet of air rights from Pier 40.

Source: St. John’s Developers Considering Major Change to Plan, to Council Chagrin – Hudson Square – DNAinfo New York