The clock is ticking on a controversial plan to save a popular West Side park by redeveloping it with office space that could generate an estimated $12.5 million in annual rental income.
Gov. Cuomo has until the end of Tuesday to act on legislation that would allow the construction of up to 700,000 square feet of commercial offices in buildings up to 88 feet tall on Pier 40.
The 15-acre pier — which houses athletic fields, the Hornblower cruise ship operations and a sprawling parking garage — is part of the five-mile Hudson River Park.
It once generated 40 percent of the park’s income, but that figure is down to just 25 percent due to the pier’s “poor condition” — and that tally doesn’t include maintenance costs, according to the park’s 2019 financial plan.
Opponents of the plan include Greenwich Village Democratic district leader and noted anti-bus lane activist Arthur Schwartz, who told The Post “commercial office space does not belong in the park” and promised a lawsuit if Cuomo signs the bill.
The Hudson River Park Trust — which is chaired by Diana Taylor, the girlfriend of former mayor and Democratic presidential candidate Mike Bloomberg — previously lobbied for permission to build nearly 200,000 additional square feet of office space but now supports the bill as written, sources said.
Cuomo is “reviewing the bill,” a spokesman said. Under state law, if he doesn’t sign or veto it, the proposal will automatically fail.