The Battery Park City Homeowners Coalition (BPCHC) meets again to extend the deal that was negotiated in 2011. The 2011 deal saved 11 condominiums in Battery Park City (BPC) from spending $804 million over the next three decades on inflating ground rent. The reduction that they received was approximately 35% in savings, and a ground rent payment of $525 over the next 30 years.
Assembly Speaker Sheldon Silver was a crucial part of this deal coming into fruition he was able to keep the neighborhood affordable. "Because of the agreement that was finalized today, families in Battery Park City will be able to stay in their homes and will not be hit with the crippling financial hardships they would otherwise be facing," said Silver, he goes on to say, "This agreement ensures that Battery Park City remains the world-class community that it is and provides the kind of stability that lenders look for when providing financing to those who wish to move into Battery Park City."
Battery Park City, since then has expanded significantly and has six added more condominium buildings. These buildings include 225 Rector Pl., the Visonaire, Millenium Tower, 333 Rector Pl., the Riverhouse, and the Ritz-Carlton. The newer developments would like to be included in the deal that the other 11 condominium buildings enjoy. After a Jan. 14th vote all of the buildings are now represented by the BPCHC.
Pat Smith the spokesperson of the BPCHC and a resident of BPC hopes to negotiate a new deal with the Battery Park City Authority. “I will continue working on behalf of Battery Park City residents seeking to extend their ground leases at an affordable rate,” said Pat Smith, “and I will continue to fight for a fair settlement that maintains stability in the neighborhood and keeps families in our community for the long term,” according to a Down Town Express article. The BPCHC will renegotiate the leases of all the buildings through the year 2069, instead of the prior agreement involving the 11 original condominiums that ends on 2042.
The Battery Park City Authority recently named a new President and Vice President. Shari Hyman the new President of the authority, began her position on February 10th, and Vice President Robin Forst position began on February 3rd. Battery Park City Authority is willing to talk to the BPCHC about their concerns, in hopes of fostering a better and stronger community in BPC.