Pier A Redevelopment ProjectLoan Amount: $16,500,000
The NYCRC provided a $16.5 million loan to an affiliate of the Dermot Company, the real estate company designated by the Battery Park City Authority to assist with the redevelopment of historic Pier A, a New York City Landmark and the closest site in Manhattan to the Statue of Liberty. The loan helped transform the government-owned three-story Pier A building and its site into a public and private space featuring restaurants, event and entertainment spaces, outdoor seating, and a visitor information center.
In 1975, Pier A was placed on the United States National Registry of Historic Places and was designated a New York City Landmark in 1977. The Pier A building has sat vacant since 1993 and fell into a state of disrepair. The project is fulfilling the City of New York’s goal of rehabilitating the Pier A building and surrounding area. Enhancing access along the waterfront is critical to ensure the economic growth of Lower Manhattan. The redevelopment of Pier A will increase visitor levels and consumer spending in the area.