Jan. 10, 2022 - CRAIN'S NEW YORK

Units in a 42-story apartment tower in Battery Park City will stay affordable for almost 50 more years at least.

The Battery Park City Authority has reached an agreement with Rockrose Development, run by the Elghanayan family, to preserve the 70 affordable housing units in Tribeca Pointe, at 41 River Terrace, through mid-2069. Before the agreement, the apartments had been set to lose that designation by 2029.

The units are meant for households earning below 40% or 50% of the area median income, which is below $47,720 or $59,650 for a family of four.

“This agreement reflects our commitment to preserving affordable housing in Battery Park City while advancing our sustainability goals,” said Battery Park City Authority President and CEO B.J. Jones. “It is an important step in our continued efforts to sustain a vibrant and inclusive community.”

Paul Januszewski, vice president of Rockrose, also expressed his happiness with the deal.

Battery Park City buildings are privately owned and operated, but they are on land owned by the Battery Park City Authority. Property owners pay the organization an annual ground rent to use the land.

The agreement between the Battery Park City Authority and Rockrose also sets a schedule of predictable ground rent increases over time, linked to how the building is performing and changes in Battery Park City property values. It ensures that the building will receive ongoing capital investments as well.

Rockrose finished work on Tribeca Pointe in 1999, and the building includes 340 units overall. Rents at recently leased market-rate apartments have ranged from $3,400 per month for a 630-square-foot studio to $8,100 per month for a 1,215-square-foot two-bedroom, according to StreetEasy.