Developer Withdraws from Hudson River Pier Project

Friday, January 25, 2008

A developer who won a hard fought battle to turn a Pier on the Hudson River into a catering hall and exhibit space has withdrawn.

Almost three years ago the Witkoff Group was designated the preferred developer for Pier 57 at West 15th Street. A spokesman said that the company changed its mind because construction costs have risen and the ability to secure investors has become much harder.

The Hudson River Park Trust was counting on revenue from the project to help pay to operate the water front park, about 40% of which is complete. The Trust will likely look for another developer although a spokesman said it is not clear when.

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