Liberty Terrace at 380 Rector Pl. is one of three condo buildings on that street set to bring to market nearly 350 unsold units worth a total of $430 million.
BY COLIN MIXSON
Several hundred rental units are set to hit the market as condos in Battery Park City, and local leaders are optimistic that the influx of new homeowners will increase pressure on the Battery Park City Authority to reform.
More long-term homeowners with stronger roots in the state-managed neighborhood could add to the chorus of voices demanding a more transparent and inclusive decision making process at the authority, according to Community Board 1’s head man.
“The one thing it may affect,” said CB1 chairman and BPC resident Anthony Notaro, “is the more they sell, the more homeowners you have, and those people are more invested in the neighborhood, who want to have more say in how things are run.”
Investors Ivan Goodstein and Michael Nelsen have pooled their stakes in three Rector Pl. residential complexes to wrest a controlling interest from developer Howard Milstein after a protracted legal battle, and force the sale of 349 units worth $430 million, according to a Real Deal report citing offering plan amendments submitted to the state Attorney General’s office.
The three buildings are Liberty House at 377 Rector Pl., Liberty Terrace at 380 Rector Pl., and Liberty Court at 200 Rector Pl. Notaro is the condo board president at Liberty Terrace.
Battery Park City Authority board members are not elected, but rather appointed by the governor, and many locals feel that the authority considers its main obligation to be raising money for the city and state, rather than serving the interests of residents.
The seven-member board includes only one member who actually lives in BPC, but the authority recently gave in to pressure from residents and elected officials to allow a public comment period at board meetings.
Whether the influx of new property owners affects authority policy will depend largely upon the volume of condos sold, according to Notaro.
“It all depends on the pace at which this happens. If there are 10 or 20 more owners, no big deal, but if there 100 to 200 that’s a whole different ball game.”
Not everyone is convinced that condo owners will show a greater interest in community matters than BPC’s renters, who have proven themselves deeply concerned with the authority’s management, according to one area renter.
“It’s about your long-term vision of whether you want to stay in a neighborhood,” said Tammy Metzler, a tenant at Gateway Plaza, the largest rental complex in BPC. “I’ve been here for 20 years, and I’m active, so I think that being active and loving your community is not solely tied to owning your home.”
Sales will be handled by Douglas Elliman, with prices averaging about $1.2 million a unit, and ranging from $625,000 to more than $4 million, according to the Real Deal report.
Calls to the Goodstein Development Corporation were not returned by deadline.
