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The Tribeca Film Festival has sued Young Woo & Associates over a botched deal to develop Pier 57 on W. 15th St. and 11th Ave.
The developer that will overhaul Pier 57 used the Tribeca Film Festival’s cultural cachet to secure the project and then ditched the group, a new lawsuit alleges.
The festival, founded by Robert De Niro, claims in court papers filed Monday in Manhattan Supreme Court that in 2009 it and developer Young Woo & Associates entered into an agreement that would make the film group the “cultural anchor” of the new site.
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“In large part due to Tribeca’s involvement in and support for the project, (Young Woo & Associates) received approval from the City Council,” the film festival claims in court documents.
The festival would have exclusive use of the rooftop of the rebuilt 450,000-square-foot pier, and naming rights to the entire destination marketed as a new shopping center with public space expected to open in the spring of 2015, according to court papers.
Tribeca Film Festival would pay $ 1 rent and give the developer a 20% cut of concessions and sponsorships from events.
But once Young Woo won the right to redevelop the pier at W. 15th St. and 11th Ave. in April, it reneged on the deal and unilaterally renamed Pier 57 “SuperPier,” court papers charge.
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The developer “wanted to take the opportunity to use this public space as more of a profit center rather than for the public use that was (originally) contemplated,” the film festival wrote.
The festival seeks damages in excess of $ 100 million and an order the developer abide by the terms of the 2009 agreement.
The developer said in a statement it was “disappointed” to learn of the lawsuit.
“As recently as last week, both sides have been working to advance a deal that would create the best programming for Hudson River Park and the pier’s 300-plus tenants,” the developer wrote.
“Despite this sudden impasse, we hope to come to a positive resolution to better the overall project.”
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