Battery Park City.... Friend or Foe?

The thing with the land lease is they can take the land away at the end of the lease. And you think they won't do it? Well, you've gold Goldman Sachs there, what if Goldman wanted it, they are politically connected and can pay more. Or Brookfield? Or what if there was a Shelly Silver who wanted to reallocate the land to Weitz and Luxemborg because of C0lumbia?

Thanks fieldschester. Although 2069 is a long time from now. Chances of me being there (or even alive!) in 2069 is low. I guess my biggest fear is the surging monthly and/or the inability to sell the condo when I want to. Do you live in the area?

Fieldchester lives in a basement apartment, which does not exist in BPC. Not worth listening to his advice too much since he mainly comes here to provoke others.

>lives in a basement apartment, which does not exist in BPC

uh, ok djam, that makes sense.

I have lived in BPC over 15 years. I like it here. I do believe prices will go higher especially when many of the projects are completed like Brookfield renovations in the World Financial Center. Streeteasy real estate report lists BPC as one of the hot naves in the city.
As far as pilot taxes are concerned while each building pays a pilot tax one has to read the offering plan for specific information.
As a real estate broker and mortgage broker, I know the area very well.

Ellen Silverman
Licensed Real estate broker since 1987
E.S. Funding Co.
Licensed Mortgage Broker since 1990, NMLS #60631
Esfundingco@aol.com

Correction naves is nabes

I had the same reservations as you but after doing a lot of reading and research, found much of it to be unwarranted. The expiration of the landlease is really a non-issue as it's in nobody's best interest to not renew the lease and the increases will happen but it won't be anything astronomical. Plus keep in mind that the increases in rent for the landlease won't affect your entire common charge, just the portion that's actually used to pay for the rent.

>it's in nobody's best interest to not renew the lease

Are you sure? What if Goldman wants the space? Or the Chinese?

>increases will happen but it won't be anything astronomical

How do you know they won't be astronomical?

>Plus keep in mind that the increases in rent for the landlease won't affect your entire common charge, just the portion that's actually used to pay for the rent.

Yes, the increase in rent will increase the rent.