Albanese Org mulling condo conversion of rent-stabilized 20 River Terrace

Community Board chair has already spoken out against the project

TRD New York /
Jul.July 17, 2018 01:00 PM

From left: Christopher and Russell Albanese and 20 River Terrace (Credit: Albanese Organization)

The Albanese Organization is considering converting a 293-unit rent-stabilized residential building in Battery Park City into condominiums.

The developer filed a “test the market” application with the the New York State Attorney General’s office earlier this month, allowing it to engage in basic marketing activities before deciding it wants to go through will a full conversion and public offering plan.

The Solaire at 20 River Terrace has no active rental listings, according to StreetEasy. And despite its rent-stabilization status, one-bedroom apartments there have recently leased for as much as $5,500 a month.

A representative for Albanese did not immediately respond to a request seeking comment.

Some community members are already expressing their opposition to the plan. Neighborhood paper the Broadsheet reported that Community Board 1 chair Anthony Notaro has spoken out against displacing the hundreds of residents currently living at the building.

“It is regrettable that renters and neighbors will lose the protection they have had since this building opened,” he told the publication. “That will be a challenge that no one wants to face, in uprooting families and a support network.”

The Solaire’s neighbor, 22 River Terrace, underwent condo conversion in 2014, after Rockrose Development sold it to Centurion Development for $265 million. At the time, Centurion was accused of ramping up evictions of tenants under what was supposed to be a “non-eviction” plan.

Built in 2002, the 27-story Solaire was one of the first green residential towers in the country to be gold-level LEED-certified.


Related Articles

arrow_forward_ios
(Getty, iStock)

Refinancings drove up home mortgage apps last week

Refinancings drove up home mortgage apps last week
Colliers’ Jay Hennick (iStock; Colliers)

Colliers’ profit rebounds

Colliers’ profit rebounds
40 East 72nd Street and Spiros and Antonia Milonas  (Getty; Google Maps)

Under water: Shipping magnate’s troubled UES condo is bankrupt

Under water: Shipping magnate’s troubled UES condo is bankrupt
JPM asset CEO Mary Callahan Erdoes and 605 Third Avenue (Getty; Google Maps)

JPMorgan eyes $600M valuation for Third Ave office tower

JPMorgan eyes $600M valuation for Third Ave office tower
U.S. home prices rose with Phoenix, Seattle and San Diego logging the biggest gains (iStock)

US home prices jump 5.2% in August

US home prices jump 5.2% in August
(Getty, iStock)

Hundreds of storage units in New York heading to auction

Hundreds of storage units in New York heading to auction
KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)

KABR sells New Jersey building for reported $60M

KABR sells New Jersey building for reported $60M
An estimated 12.8 million Americans would owe an average of $5,400 from missed payments (iStock)

Rent debt could reach $70B by year’s end: Moody’s

Rent debt could reach $70B by year’s end: Moody’s
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...