Ilya Marritz covers business for WNYC.
Park Rescue Plan Would Sell Air Rights on Manhattan's West Side
Saturday, November 09, 2013
A controversial bill to rescue financially-troubled Hudson River Park awaits the signature of Governor Cuomo. The measure would sell up to 1.6 million square feet of air rights to developers to raise cash for repairs.
When Hudson River Park was born in 1998, it was supposed to sustain itself with private money. But today, Pier 40 is crumbling. And the Hudson River Park Trust doesn't have the $125 million dollars needed for repairs.
Assemblyman Richard Gottfried, who helped write the law creating the park, said no one anticipated these costs.
“As far as I know, it was not discussed either in the legislature or by the mayor and governor when the legislation was being put together,” Gottfried said.
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