on the waterfront

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His Ship’s Come In: Hedgie Michael Novogratz Named Chairman of Friends of Hudson River Park

The Friends of Hudson River Park have traded a real estate big for a Wall Street one.

Today, the West Side park booster group announced that Michael Novogratz, head of Fortress Capital, will take over from Douglas Durst, the former board chair, who left last month over a dispute about the future of Pier 40 and the direction of the trust that overseas the park.

Mr. Novogratz has been a board member of Friends for some time now, and an announcement calls him “an avid user of the park.” After all, the hedge fund manager and city’s foremost wrestling booster lives around the corner in a multimillion-dollar compound he has assembled at 110 Hudson Street in Tribeca. Read More

on the waterfront

pier 40 - david shankbone

Parks and Wreck: The Fight for Pier 40 and the Myth of Public Parks

When Sandy swept into the town almost two months ago, Hudson River Park—as its name might suggest—was among the places inundated by the swelling sea under more than a dozen feet of water.

The surge washed over the historic piers and brand-new lawns, filling skate parks, swamping ball fields, submerging mini golf holes and surrounding the merry-go-round. Yet much of the park, in the traditional sense, came through fine.”I think we lost only five trees and a few plants,” Madelyn Wils, president and CEO of the Hudson River Park Trust, said at a post-Sandy conference last Thursday.

It was the more manmade features, the development that undergirds the park and pays for its upkeep, that struggled to weather the storm.“The buildings, however, did not fare quite as well,” Ms. Wils explains. “We’re still without power, because we are on our own grid, and we’ve had to work on our own to restore that.”

This is only the latest, and in some ways the least, of the troubles on the waterfront, where a bitter disagreement between Ms. Wils and the park’s biggest backer, developer Douglas Durst, reveals cracks in the public-private model by which the city’s parks are so often built and maintained these days. These partnerships are both sustainer and straightjacket, leading to the creation of more parks in a generation, but also limited means to keep them up and running. Call them libertarian parks. Read More

Greensward

Little help? (agent j loves nyc/Flickr)

Douglas Durst Wants to Put Lofts for Techies and Galleries in Pier 40 to Keep It Afloat

The problems of Pier 40 are well documented by now. Once the golden goose of Hudson River Park, the pier is now so deteriorated, it costs more to maintain than it earns for the libertarian park. In two years, the pier might have to be shut down all together. With hopes of MLS soccer headed to Queens instead and a housing proposal on the rocks, what’s a park to do?

Well, it looks like Douglas Durst to the rescue. Read More