Pier 57 Redevelopment | Len Grunstein Acts as Financial Consultant

Three years after a fire destroyed the original pier at West 15^th Street in 1947, workers broke ground on a new structure – now known as Pier 57 – that still stands today just south of Chelsea Piers.

With fire safety in mind, the new pier’s foundation was made of concrete instead of wood. In 1954, Popular Mechanics touted the structure as a “Superpier” for its innovative design, which consisted of three hollow concrete boxes that could support almost the entire weight of the pier.

Built in a manmade lake next to the river, all three boxes were more than 300 feet long and weighed upwards of 20,000 tons. In July 1952, the first box was floated down the Hudson. Construction progressed quickly — despite an explosion and fire that killed two workers in March 1953 — and concluded in December 1954 with the pier’s opening ceremony.

To this day, Pier 57 remains the only pier in New York City built on floating concrete boxes. It was eventually sold to the MTA in 1969 and served as a garage and maintenance facility until 2003. In 2004, it earned the nickname, “Little Guantanamo on the Hudson,” after the NYPD used it as a holding pen for Republican National Convention protesters.

In 2012, Young Woo & Associates announced plans to redevelop Pier 57 with retail, restaurant, and other commercial spaces. The new shopping center, designed by LOT-EK, will include an “interactive marketplace” built with recycled shipping containers and will reflect the nearby Meatpacking District’s industrial, gritty feel. In addition to shopping, the new pier will be a cultural hub, with the public rooftop park serving as the permanent home of the Tribeca Film Festival.

Approved by City Council in April, the project was subject to environmental review by state and federal agencies and required approval under the Uniform Land Use Review Procedure. Leonard Grunstein, who acted as a financial consultant for the project, helped negotiate the financing structure for the redevelopment, enabling the project to move forward with plans to begin construction in October and eventually open its doors in the spring of 2015.

Tagged: Chelsea Piers, Len Grunstein, New York City, Pier 57, Redevelopment, Tribeca Film Festival