Battery Park City

By Jonathan Scheff | Special to amNewYork

March 8, 2007

Right after 9/11, residents had no choice but to abandon Battery Park City, which stood in the Twin Towers' shadow. Retirees moved elsewhere, families relocated and the flow of Manhattanites into this peaceful oasis abruptly ended.

Yet Battery Park City has rebounded spectacularly, leading a regeneration of growth in the area: damaged buildings have been repaired or replaced and a spurt of new growth may develop the planned neighborhood to its full capacity.

Many BPC residents will tell you exactly why they moved here: because it is away from the city but still in it. They also praise its vast park system, excellent schools, and abundance of public art, which many say makes it an idyllic home for families and young professionals looking for a sense of community near the Financial District.

BPC residents do not, however, rave about the restaurants or shops. Since the neighborhood lies adjacent to TriBeCa, home to some of the city's best retail and dining, as well as many subway lines, this poses little concern.

A slew of construction -- the new World Trade Center and its rebuilt shopping mall, the Goldman Sachs headquarters, and several other commercial, residential and mixed-use developments -- will also bring in more of the services and amenities that the area lacks.

Pierre Moran, an agent with DJK Residential who has lived in BPC for 20 years, sings the neighborhood's praises.

"You can be right on the water without a road between you. The sunsets are amazing. It's an oasis of peace and quiet It could use a good steak joint, though."

Find it
Battery Park City runs between the Hudson River and the West Side Highway, from Chambers Street to the southern tip of Manhattan.

Real estate
Property prices in BPC depend primarily on the view. The coveted southwestern view, including the Hudson River and the Statue of Liberty, fetches the highest prices. Thus BPC has a wide price range based on scenery, floor number and age of construction.

Design also varies greatly, from the cookie-cutter units of Gateway Plaza to the unique units of the Ritz Carleton's Millennium Point.

Since the area was originally designed for single Wall Street professionals, about 65 percent of condos are one-bedrooms or smaller. Newer developments, however, include larger, family-sized apartments, such as the green buildings Solaire and Riverhouse, which is currently under construction.

Due to the BPC Authority's unique land lease agreement, BPC condos run at relatively low prices for an upper-middle- to upper-class neighborhood. The trade-off, however, is often high maintenance fees.

Victoria Terri-Cote, a vice-president of Corcoran, estimates, based on current listings, that one-bedrooms can sell from as little as $450,000 to as much as $1 million; two bedrooms can fetch between $775,000 and $1.5 million; and three- or four-bedroom places can snag between $2.5 million and $4 million.

To rent
One-bedroom: $2,800 per month and up
Two-bedroom: $6,000 to $7,000
Three or more: $12,500 and up (Corcoran Group)

For sale: Recent sales: