The invitation was in the form of a birth announcement. The baby's name: Hudson River Park, eyes ''marine blue'' and hair ''naturally green.''

The gestation period was given as 14 years, the amount of time park proponents have been fighting to transform Manhattan's ragged, derelict western edge into a lush if skinny new park. Last night, they came together -- environmentalists, public officials and community advocates -- on Pier 40 in Greenwich Village to celebrate state legislation officially establishing the park and defining its borders and governance.

While the plan still faces regulatory hurdles, questions about financing and the possibility of lawsuits, proponents were exultant over what had been accomplished so far.

''All of us, even the most optimistic -- we're amazed at what we got,'' said Ross Graham of the parks committee of Community Board 4 in Chelsea.

Under the new law -- which was passed by the Legislature last month and is expected to be signed by Gov. George E. Pataki in September -- 19 piers will be entirely or partly included in the park, offering myriad forms of recreation. Along the park's length will be a bike path, trees and flowers, education centers, places to dip one's toes in the water and, possibly, sand beaches.

Some crumbling piers, which the public will only be allowed to observe from the esplanade, will be planted with native plants to attract nesting birds.

Gone in the year 2000 will be an equestrian center that until recently was offering lifetime memberships, an enormous basketball center and helicopter sightseeing flights. Such municipal uses as salt storage and parking lots for towed cars and garbage trucks are to be removed as soon as the city finds a place to move them. Gambling casinos will be banned, and most of the piers will be off limits to development.

Striped bass, eels and other fish species are to be strictly protected in a new estuarial sanctuary extending the length of the park, from Battery Park City to 59th Street.

''This is the highest possible level of protection for the living resources,'' said Cathy Drew, director of the River Project, which does aquatic research in the Hudson.

The city and state, which own the land, had been proceeding with plans for the park even before the legislation passed, but without the new law any portion could have been withdrawn at any time.

''What we have now is a dedicated park,'' said Albert K. Butzel, a lawyer who headed a coalition of environmentalists and community groups to support the park. ''This is a night-and-day difference.''

But celebrants last night readily acknowledged that the battle over the park was not over. Opponents, who mostly fear that the plan cedes too much to commercial interests and does not give enough protection to the river ecology, are fighting the park in Federal and state permit hearings that could lead to long environmental reviews and major modifications. Lawsuits are anticipated. Finding funds is a major challenge.

''Our grandchildren will be arguing about what should and shouldn't go in this park,'' said Assemblyman Richard N. Gottfried, an author of the bill, whose district includes part of the park.

Construction of the park, which is expected to begin this fall, is the latest chapter in the battle over the Hudson waterfront, growing out of the ill-fated Westway proposal.

That plan, for a superhighway that was to be built on 200 acres of landfill, was defeated in the mid-1980's by a coalition of community advocates and environmentalists. Westway's opponents then went on to fight one another bitterly over the park vision proposed and refined by a succession of task forces and panels.

At the core of the quintessential West Side battle has been the park planners' determination to use commercial development to finance the park's operations. Some residents feared people streaming to a string of Chelsea Piers-like attractions, while some environmentalists contended that a park dependent mainly on refurbished piers would inevitably harm fish.

But park proponents saw the chance to create a regional recreational jewel out of industrial rot, and some environmentalists were determined to use park legislation to secure wild resources.

Attempts to give the park legal definition failed throughout the 1990's, as a cacophony of voices and interests clashed. This time, however, Governor Pataki was determined to build the park and Mayor Rudolph W. Giuliani showed a willingness to compromise on issues of governing and control.

In the final hours of the legislative session, the Assembly Speaker, Sheldon Silver, decided to support the plan even at the risk of allowing a Republican governor and mayor to take credit.

''The basic message is that people chose to do the right thing,'' said Mr. Butzel, a leading Westway foe who lobbied furiously for the bill's passage.

The park's construction will follow the rebuilding of West Street, which began last year and is scheduled to be completed in 2003. The rebuilt road, 40 percent smaller than the 10-lane Westway, is intended to facilitate access to the park.

Under the terms of the legislation, the state, which owns the southern half of the park, and the city, which owns the northern, will lease their land to a new entity, to be called the Hudson River Park Trust. This met a city demand that it not cede ownership of any land. Another city victory was the creation of a governing structure in which the Governor and Mayor will each appoint five board members.

The three community boards included in the park will each appoint a director, with two eligible to vote. But all major decisions require eight votes, meaning the Governor and Mayor must agree for anything important to pass.

In one example of the compromise that went into the final plan, the Giuliani administration refused to include the four passenger ship terminals from 48th to 54th Streets in the park, and instead will explore development options from television studios to a large mall. But 15 percent, and ultimately 20 percent, of the city's revenue from that development will go to the park.

Among other specific provisions is a guarantee that half of Pier 40 in Greenwich Village will be park land, with automobile parking specifically authorized for the rest. Half of Pier 76, where the tow pound is, will ultimately be park land. So will Pier 84, which has been used for Circle Line parking.

On July 16, the board of the Empire State Development Corporation approved an environmental impact statement for the project. Then a 120-day period began in which lawsuits can be brought. State officials, speaking on the condition that they not be named, said they expected to be sued.

The Army Corps of Engineers must also review plans for the reconstruction work on the piers and bulkhead. Opponents raised objections at recent hearings, and the National Marine Fisheries Service submitted a letter to the corps raising questions about fish habitat.

''They're raising issues which need to be considered carefully,'' said James Haggerty, chief of the corps's Eastern Permits Section.

He said the corps could require an environmental impact statement, which would take at least a year. That process, the same one used to bring down Westway, could also bring lawsuits and further delays.

Marcy Benstock, a leading foe of both Westway and the park, said the plans -- including the legislation -- were ''riddled with sneaky loopholes.''

Questions also remain about financing. Both the city and state have promised $100 million, but the construction cost is conservatively estimated at $320 million. Private fund-raising proposals are being analyzed.

But some suggest that the battles are at least losing intensity. Arthur Schwartz, chairman of the waterfront committee of Community Board 3 in Greenwich Village, went from being a vocal foe to a strong supporter. Since the legislation passed, he said, even bitter opponents are avidly joining discussions about design details.

''Most people are starting to focus on the reality,'' he said.

Photos: Hudson River piers, in good times and bad: left, ocean liners docked at the passenger ship terminals in 1957; (The New York Times); right, a rotting pier at the foot of Bank Street in 1990. (Vic DeLucia/The New York Times); Under legislation officially establishing Hudson River Park, some crumbling piers will be turned into habitats for nesting birds. (pg. B8) Map of Hudson River Park. (pg. B1)