It is home to the New York Knights of the USA Rugby League, though it is primarily used by youth and high school athletics.

In 1956, the city announced a plan to consolidate the five piers into a single large passenger and cargo terminal serving the Holland America Line.

Pier 40 was redesignated as parkland in 1998; several options for the structure were proposed, including redevelopment as a soccer stadium or an entertainment complex.

Despite its popularity, the terminal is dilapidated and sinking into the Hudson River, and was previously proposed for closure due to its deteriorated condition.

The plan was put forward to allow the Holland America Line to move its area operations from Hoboken, New Jersey on the other side of the Hudson River, where the company was based for 73 years.

[11] It was the first terminal of its kind to be built by the city, and was designed as a "massive hollow square" with three levels to accommodate cars, taxis, and commercial trucks.

[16][18] Under the New York State Department of Transportation's operations,[19] its primary use was as a parking complex for cars, buses and trucks, as well as commercial warehousing.

Another plan sought to construct a public high school along with swimming pools and retail space, in addition to conventional sports fields.

[28][29] Ultimately, a plan backed by the community won out,[30] and the pier currently serves the dual purpose of commercial parking garage (located in the outer perimeter of the pier) and a multi-purpose sports facility (encompassing the center of the facility and small sections of the upper level).

The main field, occupying the former cargo level, began construction in 2004, and opened in May 2005 with Governor George Pataki and professional soccer player Eddie Johnson in attendance.

[33] The fields reopened on December 19 following a $50,000 donation to fix the damaged turf surface,[34] while full power was restored by spring 2013.

A 2014 report found that over half of the facility's 3,500 steel girders that hold it above the river are severely deteriorated, possibly due to the electrical rust-protection system being shut down during the 1970s fiscal crisis.

[6][21][22][30] The pier's three decks were used for the loading and unloading of cars, taxis, and trucks, which alleviated congestion on local streets.

The ground floor was dedicated to cargo operations, with the central courtyard utilized for the parking and loading of up to 350 trucks simultaneously.

[43][46] Spaces on the southern side of the pier are occupied by several nonprofit organizations such as the Village Community Boathouse, the River Project, and New York Outrigger, as well as a commercial a kayak shop.

[47][48][49] During the summer months these boats, called Whitehall gigs, are launched at least twice weekly for free public rowing trips up and down the Hudson River.

[22][24][25] Because of the facility's condition, several proposals have been made to increase revenue to the park for repairs, which were estimated to cost anywhere between tens and hundreds of millions of dollars.

[21][33] A 2014 proposal would demolish and redevelop the building across the street into a residential and retail facility over the course of 10 years, which would require the sale of Pier 40's air rights but would generate an estimated $100 million in revenue.