New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Rockrose Reaches Affordability Agreement at Battery Park Tower
The Battery Park City Authority (BPCA) reached an agreement to preserve affordability at Tribeca Pointe, a 42-story rental tower owned and developed by Rockrose and located in Battery Park City’s north neighborhood.
This agreement will preserve the building’s 70 existing affordable rental units through mid-2069 and introduces specific commitments around building sustainability. Prior to the agreement, the term of these affordable units was set to expire by 2029.
“This agreement reflects our commitment to preserving affordable housing in Battery Park City while advancing our sustainability goals,” said BPCA president & CEO B.J. Jones. “It is an important step in our continued efforts to sustain a vibrant and inclusive community.”
Along with preserving Tribeca Pointe’s affordability, the agreement will also require annual reporting and commitments to support BPCA’s sustainability and resiliency efforts and goals, set an increasing schedule for ground rent over time, and ensure ongoing capital investment in the building.
- ◦Policy/Gov't
