Download PDF Back to Properties
Pier 40

Address

Pier 40, New York, NY

Square Feet

1,2000,000 SF

Major Tenants

Federal Express, Airborne Express, New York Times

Date Sold

Fall 2003

Submarket

Chelsea, New York

Acquired

1997

Property Overview

Originally built in 1963 by the Holland American Line, Pier 40 is a 1,200,000 SF, semi-enclosed pier located on the far west side of Manhattan’s West Village neighborhood. A departure from the traditional finger pier design, Pier 40 was built as a semi-enclosed square structure that could handle passengers, trucks, break-bulk freight and the emerging container business. After shipping largely moved out of Manhattan by the mid 1970’s, Pier 40 had long stood vacant and was allowed to deteriorate to a state of near worthlessness.

Investment Strategy

In a classic example of seeing value where others did not, C&K was one of the only bidders for Pier 40’s master lease when it was offered by the city of New York in 1997. Realizing the opportunity to acquire the lease hold interest in a well located and historically significant property for well below it’s true market value, C&K bid on Pier 40 with the intention of turning it into a premier parking and distribution facility for Manhattan’s newly revitalized far west side. Having established its reputation within city government as a proactive and competent property manager in its past work along the waterfront, C&K was awarded the master lease for Pier 40 by the State of New York. Within a year of taking possession, C&K completely recapitalized Pier 40 and leased 100% of the building to a variety of top tier corporate tenants including Federal Express, Airborne Express, and the New York Times. C&K no longer manages the facility but is proud of its stewardship of Pier 40 and the creative business model that achieved excellent risk adjusted returns while revitalizing a remarkable piece of New York City history.

Download PDF Back to Properties