Showing posts with label Battery Park City. Show all posts
Showing posts with label Battery Park City. Show all posts

Nov 9, 2014

What is a Land Lease Building?

A building that has a land lease ("ground lease") does not own the land the building was built on. Building residents pay rent for the ground on which it stands instead of owning it outright as most co-ops and condos do.

There are approximately 100 ground lease co-ops in the city. Condos are not allowed on land leases by state law, except in Battery Park City, Roosevelt Island, and Brooklyn Bridge Park, which are specifically allowed in the condo law. The land in these locations is owned by quasi state/city agencies such as The Battery Park City Authority or the Roosevelt Island Operating Corporation.
Battery Park City

Battery Park City is unique because it is on a portion of land created by land reclamation from the Hudson River. Battery Park is owned and managed by the The Battery Park City Authority.  Parcels of land are leased to developers who build in accordance with the Authority's guidelines and mandates. BPC is the largest "green" neighborhood in the world.

Instead of paying real estate taxes, condo owners in Battery Park City pay "PILOT" payment in lieu of taxes. The common charges and "PILOT" varies from building to building depending when the building was built and the time frame of the land lease. 

Most buildings in NYC with land leases are coops or condops. A condop is a residential building or portion that includes cooperative and condominium ownership structure. The condominium has a residential cooperative unit separate from the commercial units. Coops unlike condos usually have underlying mortgages.

One Carnegie Hill
Shareholders in coop's with land leases are not only paying the underlying mortgage on the building, they're also paying rent for the land. Typically adding 20 percent or more to the maintenance. 

Apartments in land lease buildings sell at discounts compared to non land-lease comparable coops because of the higher maintenance usually associated with land-lease buildings. How much an apartment costs to live in monthly determines it's affordability not it's sale price.

While shareholders of all coops have less control over their homes than owners of real property such as condos and townhouses coop shareholders in land leased buildings have less control over their building's destiny. The owner of the land the building is on has more control.

Where there is risk, there may also be opportunity. It is important to have a real estate attorney with land lease experience conduct due diligence when considering purchasing a unit in a land leased building. There are many variables and degrees of risk, pros and cons. The land lease may be for 100+ years. There may be an option for the coop to buy the land outright. There may be clauses with automatic renewals with specified amounts of rent increase. There may be tax benefits. 

The ground below Trump Plaza, a coop at 167 E. 61st St., is currently up for sale. The co-op board has offered to buy the property. The residents would be hit with assessments that would be more than $1 million for some shareholders. Two Fifth Avenue a coop in Greenwich Village, opted out of it's ground lease in 2005 by buying  the land directly from the sponsor developer, Rudin Management when the board’s 20 year ground lease was about to expire. 

The Cathedral of St John the Divine in Morningside Heights is building apartments on its Upper West Side property. The church signed an agreement with Brodsky Organization, to lease the parcel. Brodsky will pay rent for the land.

Chelsea Enclave
Another example, The Chelsea Enclave originally entered into a 99-year lease with the General Theological Seminary causing the units to be condops instead condominiums but the Seminary in Chelsea agreed to sell three of its buildings and some land to developer, The Brodsky Organization for $47.5 Million.  

Carnegie House at 100 W. 57th St., 995 Fifth Avenue, The Marais at 520 West 23rd Street, The Azure at 333 E 91st St,  Excelsior at 303 East 57th,, The Sovereign at 420 East 59th Street, One Carnegie Hill at 215 East 95th Street, 101 West 23rd Street and 88 Morninside Avenue are some coop and condop buildings in Manhattan with land leases. 

Apr 27, 2009

High Line project Receives Urban Land Institute Award

New York City is the recipient of the 2009 Urban Land Institute award for excellence for the West Chelsea/ High Line Project.

Ten awards are given out to projects throughout North America.
The Urban Land Institute has been recognizing excellence in land use and development for the past thirty years.

By adopting land use policies that support development in specific transit-oriented areas, NYC has created thousands of new housing units, commercial and cultural space and acres of new open space.

The High Line, once an abandoned elevated rail line, is fast becoming one of the City's - and world's - most innovative new parks. The redevelopment of the abandoned elevated railroad structure has created a residential new construction boom on the far west side along the High Line and the Hudson river.

The High Line runs through three of Manhattans most dynamic neighborhoods, Hells Kitchen, West Chelsea and the Meat Packing District.

The park's first phase, which runs from Gansevoort Street to 20th Street, is set to open by June of this year. The second phase, which runs from 20th Street and to 30th Street, is slated to open by the end of 2009.

Thinking about living in a new condo building with new park views and 21st century luxury amenities? Qualified buyers can join my VIP Manhattan Buyer Profile System and receive new condo listings by email. For High Line Condos click here.

Nov 14, 2007

NYC's First-Ever Green School in Battery Park City

Mayor Michael Bloomberg and Governor Eliot Spitzer broke ground on a new environmentally-friendly school in Lower Manhattan today. The 950-seat school will be built on the last available plot of land in Battery Park City.

The school, which will be located at 55 Battery Place, will be fully air-conditioned and have 40 classrooms, including 10 for special education students; a kitchen and cafeteria; medical suite; auditorium; library; wireless Internet access; art, science, and music rooms; a 5,400-square-foot gymnasium, and a 1,500-square-foot exercise room with rooftop educational and recreational spaces.

Construction is expected to begin in June 2008, and expected to be completed by September 2010. The new school is being designed by Dattner Architects.

“Over the past six years, this community's population has grown by some 20,000 people and more than 10,000 new units of housing have been opened or are under construction down here. And not surprisingly, the school-age population in this area is also booming,” said the mayor.

The Solaire, the first high-rise residential project to be awarded LEED certification in the nation was built in 2003 in Battery Park City. The Verdesian, which opened last year in BPC is applying for Platinum LEED certification. The Visionaire a green luxury condominium designed by Rafael Pelli who also designed The Solaire and The Verdisan is currently under construction in Battery Park City.

Oct 14, 2007

the VISIONAIRE: Green luxury living in BPC

Sales are currently underway at The Visionaire a new luxury Green Condominium designed by Rafael Pelli on the Battery Park City waterfront.

The 35-story, 251-unit project, which is aiming for Platinum LEED certification, takes a bold step toward closing the gap between commercial and residential green design and builds upon the development/design team's other two Battery Park City green-breaking developments, The Solaire, the first high-rise residential project to be awarded LEED certification in the nation, and The Verdesian, which opened last year and is applying for Platinum LEED certification.

Photovoltaic panels in the facade harvest solar power to generate a portion of the building's electric load. The curtain wall was designed to highlight the river views. Even at the corners of each unit the view is unobstructed.

The Visionaire is another development by the Albanese Organization. Albanese has also developed The Solaire and The Verdesian in Battery Park City. The Visionaire will be the Albanese organization's third green building in Battery Park City and will be built on the last remaining residential plot in BPC.

The building will overlook the Museum of Jewish Heritage and will be distinguished by a curved fa├žade. The Battery Park City Parks Conservancy will occupy 40,000 SF of the building.

Exclusive resident-only amenities will include a skylit indoor swimming pool and hot tub; two landscaped roof gardens with private cabanas; rooftop entertainment area featuring built-in grills and wet bar, a state-of-the-art fitness center and spa; a screening room/lounge with fireplace; a private dining area; a children’s playroom and a parking garage.

Anticipated occupancy is Spring 2008. Current available units for sale range from:

  • 686 square foot studio for $795,000
  • 819 square foot One bedroom for $890,000
  • 1356 square foot Two Bedroom for $1,395,000
  • 1681 square foot Three bedroom 2.5 baths for $1,850,000
Contact me for showings or to have listings emailed from the Visionaire or any other Manhattan new development.

May 22, 2007

Battery Park City

Statue of Liberty View 
Waterfront Living in Battery Park City

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. 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. BPC offers suburban style living in lower Manhattan.

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.

Millenium Towers
Millenium Tower Residences -->

Battery Park City 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

Click link to join my VIP Manhattan Buyer Profile System and receive new property listings in Battery Park City or any other Manhattan neighborhood by email.


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