Battery Park City

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Battery Park City is a 92-acre (0.4 km²) planned community at the southwestern tip of lower Manhattan in New York City, United States. The land upon which it stands was created on the Hudson River using 1.2 million cubic yards (917,000 m3) of soil and rocks excavated during the construction of the World Trade Center and certain other construction projects, as well as from sand dredged from New York Harbor off Staten Island.[1] The neighborhood, which is the site of the World Financial Center along with numerous housing, commercial and retail buildings, is named for adjacent Battery Park.

Battery Park City is owned and managed by the Battery Park City Authority (BPCA), a public-benefit corporation created by New York State under the authority of the Urban Development Corporation.[2] Excess revenue from the area was to be contributed to other housing efforts, typically low-income projects in the Bronx and Harlem.

Under the 1989 agreement between the BPCA and the City of New York, $600 million was transferred by the BPCA to the city. Charles J. Urstadt, the first Chairman and CEO of the BPCA, noted in an August 19, 2007 op-ed piece in the New York Post that the aggregate figure of funds transferred to the City of New York is above $1.4 billion with the BPCA continuing to contribute $200 million a year.

Much of this funding has historically been diverted to general city expenses, under section 3.d of the 1989 agreement. However, in July 2006, Mayor Bloomberg, Governor Pataki, and Comptroller William C. Thompson, Jr. announced the final approval for the New York City Housing Trust Fund derived from $130 million in Battery Park City revenues. The Fund aims to preserve or create 4,300 affordable units over the next three years. It also provided seed financing for the New York Acquisition Fund, a $230 million initiative that aims to serve as a catalyst for the construction and preservation of more than 30,000 units of affordable housing Citywide over the next 10 years. The Acquisition Fund has since established itself as a model for similar funds in cities and states across the country.[3]

Contents

Geography

Battery Park City is bounded on the east by West Street, which depending on your viewpoint, insulates or isolates the area from the Financial District of downtown Manhattan. To the west, north and south, the area is surrounded by the tidal estuary of the Hudson River.

The development consists of roughly five major sections. Traveling north to south, the first neighborhood, the "North Residential Neighborhood," consists of high-rise residential buildings, a large hotel, Stuyvesant High School, a movie theater and a modern branch of the New York Public Library. Existing restaurants located in the hotel have been closed following a take over of the property by Goldman Sachs with new development planned for [4] " ... a trio of restaurants run by Danny Meyer – the New York City restaurant wunderkind – as well as a new ballroom and conference centre, attached to the hotel which will be upgraded. In addition, the bank [Goldman Sachs] plans 5,000 square feet of retail units." Former undeveloped lots in the area have been developed into high-rise buildings. Goldman Sachs has completed building a new headquarters at 200 West Street. The Battery Park City Ferry Terminal is at the foot of Vesey Street opposite the New York Mercantile Exchange.

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