Durst's Pier 40 plans not so fruitful
Developer Douglas Durst's plans for Pier 40 may not make financial sense. According to a recent study, the big developer's plan to develop office and retail space there will generate 25% less in revenue than a proposal by local groups who want to build residential, The Wall Street Journal reported. Monies raised from any new development will go to maintaining and repairing Hudson River Park. The study conducted by brokerage Newmark Grubb Knight Frank on behalf of the Hudson River Park Trust found that retail space at Pier 40 would get $60 a square foot to $80 a square foot, while office space would fetch $45 per square feet. Mr. Durst, who had estimated retail to make $120 a square foot and office space $55 per square foot, argues that the study is based on incomparable sites. Meanwhile, the study found that if apartments were built: rentals could get as much as $80 a square foot and condos up to $2,000 a square foot.
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