Editing Battery Park City (section)

== {{anchor|Battery Park City Authority|Ownership|Maintenance}} Ownership and maintenance ==
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|caption1=View from Hudson River in 2013 with [[One World Trade Center]] under construction
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|caption2=Northern part of Battery Park City; The Solaire (left) is seen, from the Nelson A. Rockefeller Park.
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|caption3=Liberty House
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Battery Park City is owned and managed by the '''Hugh L. Carey Battery Park City Authority''' (BPCA), a Class A [[New York state public-benefit corporations|New York State public-benefit corporation]] created by New York State in 1968 to redevelop outmoded and deteriorated piers, a project that has involved [[land reclamation|reclaiming the land]], replanning the area and facilitating new construction of a mixed commercial and residential community.<ref name="broker" /><ref>Battery Park City Authority Act, [[Laws of New York|L. 1968 ch. 343-44]], L. 1969 ch. 624, L. 1971 ch. 377; codified at [[Consolidated Laws of New York|Public Authorities Law]] § 1970 et seq.</ref> It has operated under the authority of the [[Empire State Development Corporation|Urban Development Corporation]].<ref>{{cite news |title=6 Builders Chosen for Housing at Battery Park City |first=Paul |last=Goldberger |url=https://query.nytimes.com/gst/fullpage.html?res=9F07EED7153BF93AA2575BC0A967948260 |newspaper=The New York Times |date=August 19, 1981 |access-date=July 29, 2010 |archive-date=February 13, 2009 |archive-url=https://web.archive.org/web/20090213125635/http://query.nytimes.com/gst/fullpage.html?res=9F07EED7153BF93AA2575BC0A967948260 |url-status=live }}</ref> Its mission is "to plan, create, coordinate and sustain a balanced community of [[commerce|commercial]], [[residential]], [[retail]], and [[park]] space within its designated 92-acre site on the [[Lower West Side, Manhattan|lower west side]] of [[Manhattan]]".<ref>{{cite web |url = http://www.batteryparkcity.org/page/page11.html |title = Battery Park City Authority Mission Statement |archive-url=https://archive.today/20120721062638/http://www.batteryparkcity.org/page/page11.html |archive-date=July 21, 2012 |url-status=dead}}</ref> The authority's board is composed of seven uncompensated members who are appointed by the [[governor]] and who serve six-year terms.<ref>[[Consolidated Laws of New York|Public Authorities Law]] § 1973</ref> Raju Mann is the president and chief executive officer.<ref>{{cite web|url=https://bpca.ny.gov/about/leadership/|title=Leadership|work=bpca.ny.gov|access-date=December 5, 2018|archive-date=September 16, 2018|archive-url=https://web.archive.org/web/20180916145905/http://bpca.ny.gov/about/leadership/|url-status=live}}</ref> The BPCA is invested with substantial powers: it can acquire, hold and dispose of [[real property]], enter into [[rental agreement|lease agreements]], borrow money and issue [[bond (finance)|debt]], and manage the project.<ref>[[Consolidated Laws of New York|Public Authorities Law]] § 1974</ref> Like other public benefit corporations, the BPCA is exempt from [[property tax]]es and has the ability to issue [[municipal bond|tax exempt bonds]].<ref>[[Consolidated Laws of New York|Public Authorities Law]] § 1981</ref> In 2021, the BPCA has operating expenses of $69.1 million as well as an outstanding debt of $875.09 million, and it employed 200 people.<ref>{{cite web |author=[[Marks Paneth LLP|Marks Paneth Accountants & Advisors]] |date=October 31, 2021 |title=Hugh L. Carey Battery Park City Authority Financial Statements |url=https://bpca.ny.gov/wp-content/uploads/2022/01/BPCA-Financials-10-31-2021.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://bpca.ny.gov/wp-content/uploads/2022/01/BPCA-Financials-10-31-2021.pdf |archive-date=October 9, 2022 |url-status=live |accessdate=August 18, 2022}}</ref><ref>{{cite web |date=October 31, 2021 |title=Battery Park City Authority Fiscal Year 2021 Annual Report |url=https://bpca.ny.gov/wp-content/uploads/2022/01/2021-BPCA-Annual-Report.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://bpca.ny.gov/wp-content/uploads/2022/01/2021-BPCA-Annual-Report.pdf |archive-date=October 9, 2022 |url-status=live |accessdate=August 18, 2022 |publisher=Battery Park City Authority}}</ref>

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.<ref>{{Cite news|last=Urstadt|first=Charles J.|url=https://nypost.com/2007/08/19/battery-park-city-green-cash-cow/|title=Battery Park City: Green Cash Cow|date=August 19, 2007|work=New York Post|access-date=February 20, 2020|archive-date=February 20, 2020|archive-url=https://web.archive.org/web/20200220170418/https://nypost.com/2007/08/19/battery-park-city-green-cash-cow/|url-status=live}}</ref> The Independent Budget Office of the City of New York also recommended the city take over Battery Park City in a report published in February 2020. The report echoed Urstadt's proposal as a way to increase revenue to the city.<ref>{{Cite web|url=https://ibo.nyc.ny.us/iboreports/new-options-feb-2020-part-1.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://ibo.nyc.ny.us/iboreports/new-options-feb-2020-part-1.pdf |archive-date=October 9, 2022 |url-status=live|title=New Options – February 2020 – Reacquire Battery Park City.|last=Brown|first=Elizabeth|date=February 20, 2020|website=Independent Budget Office of the City of New York|access-date=February 20, 2020}}</ref> An article published by ''The Broadsheet Daily'' described the complex shared ownership structure of Battery Park City between the city and state that was set up by Urstadt.<ref>{{Cite news|last=Simko|first=Robert|url=https://www.ebroadsheet.com/the-broadsheetdaily-news-of-lower-manhattan-2-19-20/|title=Render Unto de Blasio? Municipal Think Tank Urges City to Weigh BPCA Takeover|date=February 19, 2020|work=The Broadsheet Daily|access-date=February 20, 2020|archive-date=August 15, 2020|archive-url=https://web.archive.org/web/20200815141445/https://www.ebroadsheet.com/the-broadsheetdaily-news-of-lower-manhattan-2-19-20/|url-status=live}}</ref>

Excess revenue from the area was to be contributed to other housing efforts, typically low-income projects in [[the Bronx]] and [[Harlem]]. 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 [[Michael Bloomberg]], Governor [[George 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 aimed to preserve or create 4,300 units of low- and moderate-income housing by 2009.<ref>Scott, Janny (August 1, 2006). "[https://www.nytimes.com/2006/08/01/nyregion/01mbrfs-004.html?fta=y Manhattan: Housing Plan Approved."] {{Webarchive|url=https://web.archive.org/web/20170624151734/http://www.nytimes.com/2006/08/01/nyregion/01mbrfs-004.html?fta=y |date=June 24, 2017 }}</ref> 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 by 2016. The Acquisition Fund has since established itself as a model for similar funds in cities and states across the country.<ref>{{cite web|url=http://www.nyc.gov/html/hpd/downloads/pdf/New-Housing-Market-Place-Plan.pdf |title=Mayor Bloomberg's affordable housing plan |publisher=[[New York City Department of Housing Preservation and Development]] |date=August 2008 |access-date=October 29, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20121016141440/http://www.nyc.gov/html/hpd/downloads/pdf/New-Housing-Market-Place-Plan.pdf |archive-date=October 16, 2012 }}</ref>

By 2018, thirty residential buildings had been built in Battery Park City and no new construction was planned. The Battery Park City Authority's main focus turned to maintenance of existing infrastructure, security and conservancy of the public spaces. The authority was creating over 1,000 free activities per year.<ref name="landfill">{{Cite news |url=https://www.nytimes.com/2018/08/15/realestate/battery-park-city-a-resort-like-community-built-on-landfill.html |title=Battery Park City: A Resort-Like Community Built on Landfill |last=Jacobson |first=Aileen |date=August 15, 2018 |work=The New York Times |access-date=January 16, 2023 |language=en-US |archive-url=https://web.archive.org/web/20180815125515/https://www.nytimes.com/2018/08/15/realestate/battery-park-city-a-resort-like-community-built-on-landfill.html |archive-date=August 15, 2018}}{{cbignore}}</ref>

Condo owners in Battery Park City pay higher monthly charges than owners of comparable apartments elsewhere in New York City because residents pay their building's common charges in addition to PILOT ([[payment in lieu of taxes]]). The PILOT payments replace real estate taxes and the land lease. The cumulative effect is lower property values for homeowners.<ref>{{Cite news|url=https://www.crainsnewyork.com/article/20090419/FREE/304199992/battery-park-city-condo-owners-fight-spikes-in-fees|title=Battery Park City condo owners fight spikes in fees|last=Fung|first=Amanda|date=April 29, 2009|work=Crain's New York Business|access-date=November 22, 2018|language=en-US|archive-date=November 23, 2018|archive-url=https://web.archive.org/web/20181123065730/https://www.crainsnewyork.com/article/20090419/FREE/304199992/battery-park-city-condo-owners-fight-spikes-in-fees|url-status=live}}</ref>

Because none of the properties in Battery Park City own the land they are built on, many banks have refused to write loans when those ground leases are periodically up for renewal. This has been a regular source of anger and frustration for owners in Battery Park City who are looking to sell.<ref>{{Cite news|url=https://www.wsj.com/articles/SB10001424052748703864204576315584254886002|title=Battery Park City condo owners fight spikes in fees|last=De Avila|first=Joseph|date=May 11, 2011|work=The Wall Street Journal|access-date=February 11, 2019|language=en-US|archive-date=February 13, 2019|archive-url=https://web.archive.org/web/20190213010202/https://www.wsj.com/articles/SB10001424052748703864204576315584254886002|url-status=live}}</ref>