Manhattan Neighborhood: Battery Park City Real Estate Guide

Due to my internet presence, I've been in the news recently. Last week I was interviewed by The Korean Broadcasting Network about Battery Park City the section of lower Manhattan that became famous on 9/11/01 because of it's proximity to The World Trade Center. Yesterday an interview I did ran in Metro New York about Battery Park City titled "On the Waterfront"

Ive mentioned Battery Park City in previous blogs but this blog is devoted to the unique Manhattan neighborhood.

Battery Park City is unique because it is on a portion of land that is leased by the city. Instead of paying real estate taxes, property owners in Battery Park City pay "PILOT" payment in lieu of taxes.

The common charges and "PILOT" varies from building to building depending on when the buildings were built and the time frame of the land leases.

The Korean Broadcasting Network interviewed me because the Korean government is interested in The Battery Park City model for Korea. Since I am a REALTOR® and not an urban planner I was only able to answer questions related to buying and selling condominiums and advantages of the Neighborhood. When I receive a tape of the interview I will post it here. In the meantime the links below are articles related to my selling condos in Battery Park City.

In the News: Battery Park City                                                                                                       

Suburban Living in Lower Manhattan, Direct Statue of Liberty Views 

                                                                                  Millenium Tower Residences -->

Imagine the convenience of being able to work right in your own neighborhood, well Battery Park City was designed for residents to do just that. The World Financial Center and the New York Mercantile Exchange are surrounded by some of the most distinguished highrise residential buildings in lower Manhattan - best of all - any building constructed later than the year 2000 has been designed to use sustainable technology to reduce energy use and increase the health of its residents. The Solaire, is the nation's first "green" residential highrise and there are six more to come all within the 92 acres of Battery Park City. So no matter whether you choose to rent or purchase, you'll find healthier living in Battery Park City. You'll also find great schools - The unique and innovate P.S./I.S. 89 - the first public/middle school ever built in the base of a residential tower and the world renowned Stuyvesant High School are both located within Battery Park City's 92 acre footprint. Suburban type living in lower Manhattan.

Buildings: Residential Neighborhoods


North Residential Neighborhood
Battery Park City's North Residential Neighborhood stretches north for five blocks, from the World Financial Center to Chambers Street. The North neighborhood contains over 1,726 residential housing units and is home to the world's first "green" residential high-rise building, The Solaire. Also located within this area is the Irish Hunger Memorial, Stuyvesant High School, P.S./I.S. 89, Nelson A. Rockefeller Park, the new 2.8 acre Ballfields and the soon to be completed 2-acre Teardrop Park. Plans are underway for a branch of the New York City Library and World Hunger Center.


South Residential Neighborhood
Battery Park City's South Residential Neighborhood extends south for seven blocks from the World Financial Center to Robert F. Wagner, Jr. Park and encompasses the Gateway Plaza, Rector Place, and Battery Place Neighborhoods. This area contains 5,109 residential units and is home to the Skyscraper Museum, Museum of Jewish Heritage, Robert F. Wagner Park and the planned development of the Women's Museum.


Gateway Plaza Neighborhood
The Gateway Plaza Neighborhood is located south of North Cove, between Liberty and Albany Streets. The complex contains the first 1,712 residential housing units built in Battery Park City, and is comprised of three 34-story buildings, two 7-story buildings, and one 6-story building all set within a 5-acre landscaped site. Developed by the Lefrak Corporation prior to the 1979 Master Plan, it was fully occupied in 1983, and is the only building in Battery Park City not designed under the Master Plan.


Rector Place Neighborhood
The Rector Place Neighborhood includes 2,200 units in a 9-acre grouping of buildings around Rector Park, in the south residential area. This area spans the four blocks between Albany and West Thames Streets, bisected by South End Avenue and Rector Park.

Battery Place Neighborhood
The Battery Place Neighborhood is located south of the Rector Place area. The Ritz Carleton, Millenium Towers and sites to be developed. Many apartments have direct statue of Liberty View, NY Harbor and Hudson River and City views

Housing prices in Battery Park City have increased 318 percent over the past decade, according to the most recent figures from real-estate appraisal firm Miller Samuel. That's much better than the rest of the Manhattan market; the price of condos Manhattan-wide rose only 153 percent during that same time period. The Trade Center redevelopment "The Freedom Tower" will only add value. Prices in Batter Park are slightly lower than comparable condos in other Manhattan Neighborhoods. The common charges and "PILOT" are taken in to consideration.

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Manhattan Neighborhood Real Estate Market Reports:

A blog series by Mitchell Hall

Harlem

Morningside Heights

Chelsea

Clinton/Hells Kitchen

SoHo

Tribeca

Greenwich Village

Upper West Side

Battery Park City