Key Takeaways
- • Michael Novogratz, head of Fortress Capital, was named chairman of the Friends of Hudson River Park, succeeding Douglas Durst, who left the post last month amid a dispute over the future of Pier 40 and the direction of the Hudson River Park Trust.
- • Novogratz's stated priorities are expanding the donor base for park operations and raising capital funds as the park faces substantial financial and infrastructure challenges.
- • The Friends group has shifted from primarily an advocacy and oversight body toward a fundraising role for the waterfront park.
- • A.J. Pietrantone, executive director of the Friends, is stepping down after completing the integration between the Friends and the Trust.
Summary
The Friends of Hudson River Park, the West Side park advocacy group, announced that Michael Novogratz, head of Fortress Capital, will take over as chairman from Douglas Durst, the former board chair, according to Observer. Durst left the post last month following a dispute over the future of Pier 40 and the direction of the trust that oversees the park. Novogratz has served on the Friends board for some time, and the announcement described him as an avid user of the park. He lives nearby in a multimillion-dollar compound at 110 Hudson Street in Tribeca.
Novogratz said he will focus on expanding the donor base for the Friends, a shift Observer notes is significant because the organization has historically functioned mainly as an advocacy and oversight group but has increasingly been asked to raise money for the park. In his statement, Novogratz said the next few years will be critical as the park addresses substantial financial and infrastructure challenges, and he emphasized raising capital funds to maintain the park's status as one of New York's premier parks and ensuring timely completion of the west side project.
The Friends also announced that A.J. Pietrantone, its executive director, will step down after successfully completing the new integration between the group and the trust. Pietrantone said he was confident Novogratz would help strengthen and grow the organization's assets while ensuring a smooth leadership transition for staff. Madelyn Wils, director of the Hudson River Park Trust, said the Trust and the Friends enter a new phase of cooperation more aligned than ever.
Novogratz said he will focus on expanding the donor base for the Friends, a shift Observer notes is significant because the organization has historically functioned mainly as an advocacy and oversight group but has increasingly been asked to raise money for the park. In his statement, Novogratz said the next few years will be critical as the park addresses substantial financial and infrastructure challenges, and he emphasized raising capital funds to maintain the park's status as one of New York's premier parks and ensuring timely completion of the west side project.
The Friends also announced that A.J. Pietrantone, its executive director, will step down after successfully completing the new integration between the group and the trust. Pietrantone said he was confident Novogratz would help strengthen and grow the organization's assets while ensuring a smooth leadership transition for staff. Madelyn Wils, director of the Hudson River Park Trust, said the Trust and the Friends enter a new phase of cooperation more aligned than ever.
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