News: Brokerage

Governor Kathy Hochul, Mayor Eric Adams, Hudson River Park Trust, RXR, and Google to open 80,000 s/f Pier 57

New York, NY Governor Kathy Hochul, Mayor Eric Adams, Hudson River Park Trust president & CEO Noreen Doyle, RXR CEO Scott Rechler, and Google CFO Ruth Porat will be opening the 80,000 s/f rooftop park at Hudson River Park’s Pier 57, a historic pier that has been restored by a development team led by RXR and featuring Google as the anchor tenant. 

Components of the reimagined 633,000 s/f pier now open include 350,000 s/f of commercial office space for Google, the relocated original City Winery, and additional public open space around the pier’s perimeter and to the immediate north and south. The rooftop park is open to the general public daily all year, initially from 7AM to 10PM, and will also serve as an outdoor screening location for the TriBeCa Film Festival beginning this year. Other uses and amenities for the public will open in Fall 2022.

“Today is a great day to cut the ribbon on a beautiful, new 2-acre rooftop park and let the world know that New York is back,” Governor Hochul said. “This is a win-win for New York and a testament to the innovative, sustainable, and inclusive future we’re working to build, and I thank Google, Hudson River Park Trust, the women and men of labor, and our partners in government for making this day possible.”

“By bringing workers back to the office and creating new green space all New Yorkers can enjoy, this project is helping revitalize our city,” Mayor Adams said. “We are reimagining our communities, so everyone benefits from our prosperity. And with partnerships like this one between the city, the state, and our nonprofit and private sector partners, we are showing New York how to ‘Get Stuff Done’ and do it together.”

Under Pier 57's lease with the Trust, the development partnership led by RXR has invested $410 million to restore Pier 57, which is listed on the State and National Registers of Historic Places. The rent from the pier will also support Hudson River Park’s overall care and operations. 

Additionally, to help realize the full potential of Pier 57 within its park setting, Google expanded their commitment to include 50,000 square feet of interior public-oriented space on the ground floor that will be developed and managed by Jamestown. When it opens in the fall, this area will include a new food-hall curated by the James Beard Foundation, community space with flexible layouts that will be available for booking by local organizations, and a public gathering place—called the Living Room—with spectacular views of lower Manhattan,  the Hudson River, and Little Island. Google is also creating an engaging tech-oriented public classroom to be operated by Hudson River Park’s River Project team that will expand environmental education programming and inspire the next generation of Hudson River stewards and STEM Leaders. 

The new Pier 57 embodies New York City’s economic and cultural staying power, and is an important milestone in the continued evolution of the far west side of Manhattan. Beyond that, Pier 57 will generate millions of dollars in new revenue for the Hudson River Park Trust, which receives no public funding for maintaining and operating the four-mile Hudson River Park. 

RXR’s focus on repurposing historic assets for the 21st century is on full display here, as Pier 57 joins the ranks of other icons like the Starrett Lehigh and Helmsley buildings. The project also provides a roadmap for success for the future of New York’s commercial real estate market as the industry continues to navigate this unprecedented time. 

“Hudson River Park is a tremendous example of the extraordinary things that can happen when government, the private sector and local communities work together,” said Doyle. “Pier by pier, section by section, we are transforming four miles of Manhattan’s shoreline, and spaces like Pier 57 shape not only the waterfront, but also how people see and experience New York City. Today, Pier 57 becomes part of our success story. Hudson River Park thanks Governor Hochul, Mayor Adams, RXR, Young Woo, Baupost, Google, and all our elected officials and community partners for the imagination, commitment and resolve that have delivered this inspiring new public open space.”

“Pier 57’s rooftop park builds on RXR’s proud history of developing some of the most innovative and iconic projects throughout New York City,” said Rechler. “By sparking economic activity, providing the community with much-needed public space, and supporting artists, Pier 57 represents a very bright light at the end of the tunnel New Yorkers have been navigating for the past few years. I’m honored to work with the Governor, Mayor, and the Hudson River Park Trust on a one-of-a-kind public private partnership that showcases the best of our city.”

“As Google continues to invest and grow in New York, we are committed to the type of community-oriented development that Pier 57 embodies,” said Porat. “A project like Pier 57 that offers public spaces for the local community to enjoy is a win for both New York and Google. The innovative public-private collaboration that made this project possible is one of many reasons Google believes in the future of New York, and why we are excited to invest another $2.3 billion in New York this year.”

Pier 57 was constructed in 1952 and is listed on the National Register of Historic Places. It originally opened in 1954 as the terminal for Grace Line, and then in 1969, it became the Hudson Pier Depot for the New York City Transit Authority. The depot closed in 2003 and was shuttered until this redevelopment. Hudson River Park began this effort in 2008 and worked closely with the State and City to reimagine this space as a mixed-use pier with office spaces, cultural and educational amenities, and public open space on the roof with views overlooking Hudson River Park and New York City. 

“Opening right as the spring flowers are blooming, Pier 57’s rooftop park will provide New Yorkers a beautiful respite for West Siders and beyond,” said State Senator Brad Hoylman. “Pier 57 is a model for how our fast-paced city can creatively make space for rest, nature, and community. Pier 57 will serve as the multi-purposed home of the Tribeca Film Festival, friend and family gatherings, and a spot to take in our breathtaking skyline. I’m confident it will have healing benefits that boost our collective wellbeing and sense of belonging, and I'm grateful for the advocacy of Community Board 4 for making this urban park a reality.”

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent