Manhattan Neighborhood: Battery Park City Real Estate Guide

By
Real Estate Agent with The Corcoran Group

 

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                                                                                                       

DatePublicationArticle's Name
1/24/2007  Metro New York  On the Waterfront  
9/1/2005  The Real Deal  Residential Deals  
3/7/2005  New York Post  Homes of the Week  

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.

To join my VIP Manhattan Buyer Profile System and receive new property listings in Battery Park City or any other Manhattan neighborhood by email click here.

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 

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Anonymous
Anonymous
Carole C
I guess I am not signed in for some reason. Hi Mitchell wow you are, it seems, on your sixth post in this series - a 318 percent increase! I'd say that qualifies as a designation neighborhood lol. You know a lot about this community I can tell, no wonder people are calling you for your opinions. Sounds like Battery Park is not that far from Greenwich Street or am I wrong? (I think that is in the financial neighborhood). I'm waiting for you to write about a neighborhood that I wouldn't want to live in but it hasn't happened yet :-)
Jan 26, 2007 08:35 PM #1
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC
Hi Carole Yes Greenwich Avenue runs all the way down the west side to Battery Park. Greenwich Street is in the village near 7th ave and Sheridan Square.
Jan 26, 2007 10:28 PM #2
Rainer
188,424
Laurie Manny
Long Beach CA Real Estate - Long Beach, CA

Hi Mitch,

Another fabulous NY post. You are making me homesick.  I still love NY and am so glad that you are doing this NY series.  Thank you.

Jan 27, 2007 01:01 PM #3
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Hey Laurie,

Thanks. What part of NY are you from?  What's your favorite neighborhood? You wouldn't like today's weather.

Jan 27, 2007 01:22 PM #4
Rainer
188,424
Laurie Manny
Long Beach CA Real Estate - Long Beach, CA

Hey Dude,

I am from Middle Village, Queens.  My favorite neighborhood always was Soho.  Worked there for over 9 years.  Even loved it before it became the lovely Soho of today.  On a recent visit I was amazed at the changes in the area, but the flavor is still there.  I spent all of my time in Manhattan, had I not moved to the coast I would have purchased loft space in Soho.  I do still miss the restaurants.

If it is wet, cold and windy you would be right, I would not like today's weather.

Jan 27, 2007 03:18 PM #5
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Laurie,

It's not wet just bitter cold.  My first day off in a while. 'll have to write about Soho for you.

Jan 27, 2007 05:18 PM #6
Rainer
188,424
Laurie Manny
Long Beach CA Real Estate - Long Beach, CA

Mitch,

I have been waiting for that one actually.  I figured you would get around to it.

Jan 27, 2007 06:15 PM #7
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Laurie, 

You figured right. It is part of my master plan. I will get to it sooner than later for you.

Does Canal Jeans ring a bell?  Bloomingdales is there now. Canal jeans moved up the street

Jan 27, 2007 07:31 PM #8
Rainer
188,424
Laurie Manny
Long Beach CA Real Estate - Long Beach, CA

Bloomie's opened out here, but it is not the same.  I loved Bloomie's in NY.  At least Canal Jeans survived the re-development, they have been around forever.

Looking forward to the Soho Post, thanks,

Jan 28, 2007 02:51 PM #9
Anonymous
Anonymous
BPC'r

I think you have it reveresed about Greenwich St and Greenwich Ave.  Greenwich Street runs all the way down, Greenwhcih Ave is in the Village.

 

Mar 05, 2007 04:26 PM #10
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

BPC'r,

You are right, I still get them both mixed up. I thought Avenues were bigger than Streets. I just checked on a map. Thank you for pointing that out.

Mar 06, 2007 07:26 AM #11
Rainmaker
178,153
Christina (Asad) Cavins
Irongate Inc. REALTORS - Centerville, OH
www.DaytonOhioHouse.com Search Ohio Homes For Sale

This is a great market report! Any buyer or seller would be smart to work with someone who has a strong grasp on the market such as yourself.

Christina

Jul 11, 2008 02:25 PM #12
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Thank you Christina, I appreciate your comment

Jul 11, 2008 05:32 PM #13
Rainer
4,871
Edna Jamieson
Lakeshore Rentals & Sales, Inc. - Roanoke, VA

I'm originally from Newburgh and do miss all the Fall happenings this time of year.  But I don't regret coming down to SW Virginia either.  If you ever know of anyone looking for a great place to retire or buy a vacation home, Smith Mountain Lake Virginia is truly a great place to live and only 8 hours from NY or FL.  My house taxes are only $1200.00 per YEAR.  Most New Yorkers pay that a month.  We have 4 seasons, but very mild winters and almost no snow!  Best of luck to you and have a great day!

Edna Ledoux Jamieson

Realtor/ABR

Lakeshore Rentals & Sales Inc.

www.smithmtnlakeproperties.com

Smith Mountain Lake VA. , SW Virginia's best kept secret.  Only 4 hours from D.C. or 8 hours from NY or FL!

Oct 21, 2008 12:28 PM #14
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Rainmaker
512,350

Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
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