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US$100 million deal to save Pier 40 in Manhattan approved

In return, developer gets nod for vast 5-tower residential complex with retail and maybe hotel

Pier 40. After the repairs are finished, the Hudson River Park Trust wants to erect a commercial building on the pier to generate revenue for the park, while retaining the soccer fields.

New York

IT'S a twofer.

After years of negotiations and bickering, the New York City Council on Thursday approved plans to allow a developer to buy the air rights from a crumbling pier in Hudson River Park for US$100 million - money that will be used to keep the one-time cargo pier...

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