NEW YORK CITY-Legislation passed last month in Albany that could potentially bring needed funds to Hudson River Park, is being assailed by some park advocates for its provision they say benefits developers.

The bill allows the park to sell air rights to adjacent property owners. Some officials see this as a funding source for the Hudson River Park, while others point to potential conflicts of interest and overbuilding on the West Side.

Mike Novogratz, the chairman of Friends of Hudson River Park, a fundraising and advocacy arm that pushed for the legislation, could benefit financially from the new rules, according to the Wall Street Journal.

Novogratz is a principal at Fortress Investment Group, which oversees funds that own a controlling stake in the former St. John's Terminal Building, a three-block site less than a block from the park. Novogratz stated he wasn't aware of the legislation's air-rights provision and wasn't personally involved in the December 2012 purchase of the building.

"If you have an influential developer on a board whose property adjoins the park then that raises red flags instantly," says Susan Lerner, executive director of Common Cause, a group that promotes transparency in government. "This isn't to say that there aren't some developers who are able to work in the public interest, but this is an area where there needs to be a watchful eye." See story in the Wall Street Journal.