Agreement for ground lease terms at 166-unit condominium tower in Battery Park City eliminates contractual spike in ground rent payments through to 2036 in a fiscally responsible manner
The Battery Park City Authority today announced an agreement to bring the financial terms of River & Warren’s ground lease into alignment with twelve other condominium buildings in the neighborhood, eliminating the lease’s immediate significant ground rent increase while also ensuring the unit owners within River & Warren are paying a fair and appropriate ground rent. The agreement also codifies specific commitments around building sustainability – an area in which River & Warren already excels – in support of BPCA’s Climate Action Plan to become carbon neutral by 2050. These include the replacement of its exhaust fan system and solar panels, as well as the implementation of a Level 4 recycling program.
“BPCA is committed to eliminating burdensome ground rent spikes and aligning our portfolio of 18 condominium ground leases in a fiscally responsible manner, and this agreement is another step in meeting that important goal,” said BPCA President & Chief Executive Officer B.J. Jones.
“This agreement removes future uncertainty regarding ground lease payments through 2036. River & Warren is fully aligned with the responsible and predictable tone of prior settlements and very pleased to support BPC’s sustainability efforts by continuing the condominium’s extensive commitment to green initiatives,” said a spokesperson for the River & Warren Board of Managers.
River & Warren is a 27-story, 166-unit condominium building located at 212 Warren Street in the northern end of Battery Park City.
Related: BPCA’s Strategic Goal 1.1.3 – Preserve and expand affordability and increase certainty in existing residential buildings through ground lease negotiations.
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