Battery Park City Authority and local elected officials have reached an agreement with LeFrak and its partners, the Olnick Organization and Fisher Development, doing business as Marina Towers Associates, to preserve rent protections for about 430 units at Gateway Plaza in Battery Park City, Manhattan. The deal extends protections that had been set to expire in July 2030 through June 17, 2069, covering residents who have remained in continuous occupancy since July 1, 2009 and maintain their primary residence in New York State.
Photograph via Gateway Battery Park City.
Under the agreement, annual rent increases for those households will be capped at 2.5 percent through the end of the ground lease term. The pact is intended to provide long-term predictability for hundreds of residents in Gateway Plaza, the oldest and largest residential complex in Battery Park City, whose first tenants moved into the six-building development in 1982.
Photograph via Gateway Battery Park City.
The agreement also includes a market-based ground rent structure intended to provide long-term revenue for BPCA, capital event fees tied to building sales, property access for the North/West Battery Park City Resiliency Project, and annual reporting and capital investment commitments tied to sustainability targets and New York City emissions limits by 2050. BPCA said the deal continues a series of affordability-related actions in Battery Park City, following agreements at Tribeca Bridge Tower and Tribeca Pointe.
Transit nearby Gateway Plaza includes the 1 and R trains at Cortlandt Street, the 1/2/3 and A/C trains at Chambers Street, and additional service from the 4/5 near Wall Street and Bowling Green.
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I wonder to what extent, if any, the rent increase protections are tied to income and assets. It seems that a lot of people living in these subsidized buildings with second homes, cars and millions in retirement accounts could and should pay more so that more housing dollars are available for those who really need sub
Ron the answer is $0.
nothing is tied to income, assets, beach houses, nada
Once you are in, thats it.
I do not know all the numbers for above. But, basically it is a tax subsidy (reduced taxes or in BPC Payment in Lieu of taxes). I was an owner of a tiny condo there and me and some of my neighbors had to move because our monthly charges skyrocketed. We got painted as “fat cats” when most were living in small units but instead of renting we invested in ourselves and our city. No politicians rallied for us – like they did at Gateway (more renter voters). My retired neighbors couldn’t afford it, neither could i. We all sold and moved. No one cared. That is why I am against pitting New Yorkers against each other via taxes – We are all being played by the politicians who have NYC and NYS budgets more than most other states and other countries. and Yet only want to tax more and get less.
Everyone talks about rent freezes, but meanwhile the city is increasing tax valuations by 4-5% a year on the same buildings. Why can tax bills increase that much but not the rents that support them?
If the city really wants to reduce housing costs, perhaps they can try to reduce the biggest expense of affordable buildings (taxes).
A 2.5% rent increase every year isn’t very great for renters whose wages rarely are increased.
david nobody wants costs to rise. but they do. keep in mind these units are already artificially under market. a 2.5% increase on $1000 per month is $20.50. Yes, that is a common rent in the boros for rent stabilized. Rent controlled are even less.
The city should then in turn, freeze taxes, water, sewer charges, electric, gas, oil, tickets – all in their control.
not to mention insurance, wages, repairs, nonpayments, legal….
For you transplants and tourists. These are supposed to be Mitchell Lama condos and with those comes rent stabilization. If the complex is in disrepair then it’s obvious why people leave when they retire for Florida or Texas or even down south: to be closer to family.
Gateway is rentals
not condos
just sayin’