Pier 40 was allowed to deteriorate after shipping largely moved out of Manhattan in the mid 1970s. Meir and his team won a bid with the State of New York for a 7-year master lease. Within a year of winning the leasehold interest, Pier 40 was recapitalized and leased 100% to a variety of top tier corporate tenants including Federal Express, Airborne Express, and the New York Times