Following deliberations between NYS Homes, Community Renewal, and The Battery Park City Authority (BPCA), a statement was released on Jan. 11 announcing an agreement to preserve the affordability of Tribeca Pointe, a luxury rental tower located just a block away from Pier 25, perched along the Hudson River.
The results of the negotiations come as an effort “to sustain a vibrant and inclusive community,” according to the BPCA President & Chief Executive Officer, B.J. Jones, and is the latest action taken by the Authority to secure rent stability for tenants in Battery Park City since July 2020, when they brokered an identical contract with Marina Towers Associates to lengthen the rent protection agreement at Gateway Plaza, for approximately “600 long-time residents and their families,” according to the BPCA.
“We are pleased to partner with the Battery Park City Authority and Rockrose to preserve affordability for 70 low-income households at Tribeca Pointe,” said NYS Homes and Community Renewal Commissioner RuthAnne Visnauskas. “Regardless of income, all New Yorkers deserve the opportunity to live in safe and decent homes that they can afford.”
Among the several statutes that are featured in the agreement, the first, and most significant, is that the BPCA has agreed to maintain the price of the 42-story building’s existing affordable rental units through mid-2069, specifically for those earning below 40% or 50% of the area median income (AMI) — the measure of a community’s average income distribution; this is a substantial shift from the original terms, which were set to expire in 2029.
“Amidst the onslaught of disappearing affordability in Lower Manhattan, the best way to rebuild a resilient economy and a diversified school system is to hold the line on the loss of affordable housing units in our district,” said Tammy Meltzer, Chair of Manhattan Community Board 1, the NYC Gov agency that oversees the quality of life for Lower Manhattan. “We look forward to working with the BPCA further to seek ways to recoup what has been lost and create new opportunities for affordability in the future.”
In addition to lengthening the security of the rent to almost 5 decades, the accord features the requirement of annual reporting and agreements to support the BPCA’s commitment to taking and facilitating “bold and effective action to enhance sustainability and reduce greenhouse gas (GHG) emissions,” according to their Sustainability Plan.
The deal also outlines plans for the increasing of “ground rent over time,” and assurance of “ongoing capital investment in the building.” Since Tribeca Pointe is located on a section of the 92-acres owned by the BPCA, they are obligated to submit an annual ground rent fee to “construct, operate, and occupy the buildings and residential units,” the BPCA said.
“The agreement to reset the ground lease at Tribeca Pointe, which includes the preservation of affordable units for the next fifty years, is a welcome investment in Battery Park City”, said Congressman Jerry Nadler, emphasizing the importance of this agreement on the downtown community.
Located at 41 River Terrace, Tribeca Pointe is a 340-unit rental building, developed by Rockrose and completed in 1999. The tower sits among notable downtown landmarks such as the Skyscraper Museum and Trinity Church, as well as the 9/11 Memorial; all of which are major destinations that heavily contribute to the idiosyncratic neighborhood of Lower Manhattan.
“I am pleased that the Battery Park City Authority and NYS Homes and Community Renewal reached an agreement,” said State Assemblymember Deborah J Glick.
“We must continue to work toward preserving and creating more affordability for New Yorkers while also focusing on environmental sustainability, challenges those in Lower Manhattan know all too well.”
