$279M Break For Battery Park City Condo Owners

$279M Break For Battery Park City Condo Owners

An agreement has been tentatively reached that stands to save over 2,400 condo owners in 11 buildings in Battery Park City approximately $279 million over 30 years.

The six-person committee, joined by Assemblyman Sheldon Silver, met on Wendesday with the Battery Park City Homeowners Coalition to propose a plan to prevent a significant increase in monthly ground rents paid by condo owners in the neighborhoods.

Before the proposal, ground rents paid by owners in these 11 condo buildings were expected to jump by 63% to $14.7 million in 2012 (under the new agreement, the increase will be 33%).  In the next 30 years, the plan is to pay $525 million in ground rent vs. the original plan to pay $804 million.



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