No surprise here: The New York Times is reporting that…

Gov. Andrew M. Cuomo’s administration and park officials have struck a tentative agreement with a developer to transfer unused development rights from the 14 1/2-acre pier to a site across the West Side Highway occupied by a sprawling building, in return for more than $100 million that would be used to rehabilitate Pier 40, which is crumbling more rapidly than originally feared. […] The owners of the four-story St. John’s Terminal Building, which stretches more than three blocks between West Houston and Spring Streets, would demolish the structure in phases over 10 years and build several residential buildings and retail shops. […] The proposed project would start at the northern end of the property. The southern portion would have to wait, because of existing leases for warehouse and office space in the St. John’s building.

Wasn’t the recent deal to transfer air rights from the park to neighboring properties almost entirely about the St. John’s Terminal Building and Pier 40?

Anyway, the article goes on to detail how Pier 40 is in bad shape, even worse that previously thought, and how there’s no money to save it, but the kids must have places to play soccer, and so on. All of which is to help community members get over their deep-set anti-development feelings, so that local politicians don’t get blamed.

“Officials say that the proposal would have to go through a state review process, but not necessarily a city-led review,” said the Times. But then it also says that “The proposal would require approval by both the city and elected officials and entail a state-mandated approval process, zoning changes and other concessions.”

There’s no mention of this, from the Wall Street Journal last July: “Mike Novogratz, the chairman of Friends of Hudson River Park, a fundraising and advocacy arm that pushed for the legislation, […] is a principal at Fortress Investment Group, which oversees funds that own a controlling stake in the former St. John’s Terminal Building. […] Mr. Novogratz said he would likely give away benefits he ultimately reaped from development at the St. John’s site to the park.”

P.S. I was poking around online, looking for the address of the St. John’s Terminal Building, when I came across a page on Selldorf Architects website titled “St. John’s Terminal Redevelopment Concept Study.” An important caveat: It’s unclear how old these renderings and schematics are, or whether they’re under consideration at all. UPDATE: Tribeca Resident points out that they are indeed old (and likely a fraction of how big the development will ultimately be)—but I think they’re helpful anyway as a starting point for discussion.