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Indira Amladi, Home Buyer in Battery Park City, New...

Why are the property taxes and maintenance fees higher in financial district than in Battery Park city?

Asked by Indira Amladi, Battery Park City, New York, NY Wed Jul 21, 2010

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4
Indira,
I also think maybe the question was phrased incorrectly. Battery Park City often has lower price points on their units due to the fact that CC and Taxes will be higher. This is due to the fact that BPC is a land lease and spends money making it a higher quality area to live in.
I live in BPC as well, and am willing to pay a little higher in CC and Taxes b/c I highly enjoy the fact that we have some of the best cared for land Manhattan has to offer. They plant flowers to go with the seasons, many of the buildings are the Greenest buildings in the city and the air honestly is cleaner and fresher. It's premier water living like nowhere else in the city.

That being said, it is really the only place downtown where you can still find a 1 bedroom for 400,000. So the maintenance fees are higher, but in South BPC, prices are still VERY competitive.
Thanks!
0 votes Thank Flag Link Thu Jan 31, 2013
I just want to add to this that today I showed some Battery Park City condos to a buyer from Asia and the views of the Hudson and the Statue of Liberty and Eliis Island frin some units are really fabulous. It also has a wonderful parklike, self-contained feel. It feels like a true neighborhood. Now that the issue of Fannie and Freddie buying BPC loans again and the banks therefore willing to lend there again, I've got to say that even with the high monthly carrying cost (cc and RET) purchase prices are reasonable and the quality of life pretty special.
0 votes Thank Flag Link Sun Jul 25, 2010
Indira,
I wonder if you accidently phrased your question in reverse. Battery Park City condos by far have higher monthly fees than condos and co-ops in the Financial District. Battery Park City is on land lease - the Port Authority owns the land and all the buildings there must pay rent for the land. Therefore the common charges are very high. The Financial District, on the other hand, has mostly new developments with tax abatements so the combined monthly cost (real estate tax and common charges) are low.

If you truly meant to phrase your question as you did, that you find the monthly fees in the Financial District to be higher, can you let me know what particular building you are talking about?
0 votes Thank Flag Link Wed Jul 21, 2010
I would like to know what properties you are looking at. BBC has some of the highest CCs in the City because of the Land Lease.
0 votes Thank Flag Link Wed Jul 21, 2010
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