The Battery Park City Authority and Related Companies have reached an agreement to preserve and expand affordable housing at Tribeca Park, a 27-story residential building at 400 Chambers Street in Battery Park City, Manhattan. Designed by Robert A.M. Stern and Costas Kondylis and developed by Related Companies, the property contains 396 units. The deal, structured as an amendment to the building’s ground lease, will preserve 81 existing affordable apartments and create 20 additional affordable units, bringing the total number of income-restricted residences to 101, or approximately 25 percent of the building’s housing stock.
The property is bounded by Chambers Street, River Terrace, and Warren Street, and sits directly across from Rockefeller Park and the Hudson River.
400 Chambers Street, via Related Companies.
Under the agreement, the existing 81 affordable units will remain available to households earning up to 50 percent of the area median income (AMI), while 20 new apartments will be designated for households earning up to 130 percent of the AMI as units become vacant. The affordability protections, which were previously scheduled to expire in 2029, will now remain in place through 2069, matching the remaining term of the building’s ground lease.
400 Chambers Street, via Related Companies.
In addition to expanding affordability, the agreement revises the building’s financial arrangement with the Battery Park City Authority by increasing ground rent payments and replacing future rent resets with predictable annual increases. The deal also includes provisions for fees tied to future refinancings or sales, annual reporting requirements, and commitments from Related Companies to support BPCA’s sustainability and resiliency goals.
“Battery Park City stands as one of New York City’s most successful mixed-income communities, and Related has been honored to be part of its evolution for more than four decades,” said Bruce A. Beal Jr., president of Related Companies. “Maintaining and expanding affordable housing is critical to the city’s long-term economic strength and quality of life. We are grateful for our longstanding partnership with the Battery Park City Authority and proud to collaborate on preserving affordability at Tribeca Park, ensuring that more New Yorkers can call this remarkable neighborhood home.”
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Anything over 100% AMI is by definition NOT affordable.