Battery Park City thrives in slumping market

Battery Park City

While building and development projects stagnated across most of New York City during the financial crisis, Battery Park City has been largely unaffected, according to the Wall Street Journal. Over the past 10 years, nine residential buildings with 2,435 units have been built as part of a 40-year master plan developed through the state’s Battery Park City Authority. While hundreds of residents were displaced after the attacks of Sept. 11, 2001, and many didn’t return, a combination of temporarily reduced rents, government subsidies and rebuilding funds helped to restore the neighborhood. The influx of new developments has caused apartment prices to drop 17 percent, according to the Real Estate Board of New York. On Battery Park’s last two developable sites, Milstein Properties is constructing two residential buildings that are slated for completion in 2011. In between the two buildings will be the 52,000-square-foot Battery Park City community center, which will have a pool and fitness center, a 156-seat theater and classrooms. [WSJ]

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