 It is located near the Harborside Financial Center and Harsimus Cove on the Hudson River waterfront in an area undergoing much redevelopment.Efforts to stabilize the powerhouse from further deterioration began July 2009 and continued through 2010.In 2011 the Port Authority of New York and New Jersey agreed to transfer its 55% ownership of the building to its co-owner, Jersey City, in exchange for a nearby lot where they will build an underground electric sub-station.