The Battery Park City Authority (BPCA) has reached an agreement with Related Companies to preserve and significantly expand rental affordability at Tribeca Park, a 27-story, 396-unit rental building built by Related in 1999 in Battery Park City’s north neighborhood. The agreement, in the form of an amendment to the building’s ground lease with BPCA, preserves 81 deeply affordable units and adds 20 new affordable units for middle-income households.
As a result of this agreement, 101 units will be income restricted through the remainder of the building’s lease term in 2069. Prior to this agreement, the affordability in this building was set to expire at the end of 2029.
“With our agreement for Tribeca Park, we’re proud to continue delivering affordability downtown, said BPCA chairman Don Capoccia. “I thank our partners at Related for their focus on and commitment to Battery Park City, and the BPCA team for the latest in their series of preserving – and expanding – the number of affordable units in our neighborhood.”
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