New York, New York
Market: New York City
Type: Multifamily Residential
Role: Development Partner
Status: Development completed in 2005
Residential tower in lower Manhattan built on one of the last developable parcels within the Battery Park City master-planned community.
274 rental apartments
4,900 square feet of retail space
24,900 people/square mile
151% of metro area median household income
Invested in the development project through a venture with the property’s developer, The Related Companies.
Twenty-four story high-rise with ground-floor retail space and an underground parking garage for residents located one block east of the Hudson River and two blocks north of the 9/11 memorial.
Noteworthy eco-friendly, “green-building” design that features a photovoltaic electrical system powered by rooftop solar panels, a blackwater-treatment system, high-efficiency appliances and other environmentally sensitive measures.
Site is subject to a long-term ground lease from the Hugh L. Carey Battery Park City Authority.
Construction financed primarily through proceeds from the sale of tax-exempt Liberty bonds issued by the New York State Housing Finance Authority; 5% of the apartments are designated for residents meeting certain moderate-income requirements.
Certified as a LEED-Gold building under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system.
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