Bones37, Home Buyer in New York, NY

Riverhouse in Battery Park City

Asked by Bones37, New York, NY Tue Jun 3, 2008

My husband and I are looking at condos with great views of the Hudson to buy in Battery Park City. Still in the research gathering phase. Is anyone familiar with the Riverhouse ....thoughts..comments..?

Mel

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There is a major difference between the buildings in Battery Park City and other condos. In Battery Park City, the buildings are sub-subleaseholds. The land is owned by the State of New York which leased the land to Battery Park City Authority. Battery Park City Authority in turn leased the land to developers who built the buildings. Since Battery Park City Authority is a state agency it is exempt from paying real estate taxes. The developers and condo owners are not and make payments in lieu of taxes which is the PILOT payments that Caroline mentioned in her post. Apartments that are fairly priced reflect this state of facts. There are many people who have been happy with and made a profit on there investment in BPC. There are others who have not been happy and did not make a profit. Since this is an unusual situation that most people are not familiar with, I recommend that you get a professional opinion regarding the legal and financial ramifications of being a unit owner in this type of situation.
Web Reference: http://herndoneagleton.com
2 votes Thank Flag Link Mon Jun 9, 2008
The Riverhouse is a very nice building. I live in Battery Park and depending on your financing situation, our preferred buildings in Battery Park are the Residences at the Ritz-Carlton and the Visionaire. They are both top notch in their own right (the Ritz for service and the Visionaire for amenities).

Derek Lee
Managing Partner
L.G. Fairmont Group
212-545-0729
0 votes Thank Flag Link Wed Mar 23, 2011
The schools in the area while still good, have fallen in the city rankings DRAMATICALLY.
0 votes Thank Flag Link Mon Nov 16, 2009
I agree with most of the comments, but keep in mind if you're looking for river views you also have the UWS, RSD. I've seen great apartments with outstanding views in other areas. Good luck!!!
0 votes Thank Flag Link Mon Aug 10, 2009
I know the Riverhouse and the area very well. Situated next to Tribeca, you are right next to everything you really need. The park and all it offers (view, activities, beautiful open space, playgrounds) are unsurpassed. The taxes in the area go to the upkeep of the neighborhood and the security... you actually SEE where your taxes go and can directly benefit. The PILOT charge may be disturbing to people but your price per square foot is lower than in the comparable neighborhoods. Additionally, if you have children, do your research on the schools in the area. They are top notch!
0 votes Thank Flag Link Sat Aug 8, 2009
You also have to ask yourself one other major important question...what do you do after you tire of looking out the window at the gorgeous views...there isn't a lot to do after business hours. They basically roll up the streets. While the cultural offerings in the neighborhood are increasing (slowly), most of the buyers I've worked with find themselves spending a lot of time uptown where there are more restaurants, theater, shopping, etc.
Web Reference: http://www.elliman.com/gjm
0 votes Thank Flag Link Sun Aug 17, 2008
Look at the financials and look around at the for sale listings in the area. Do some research on the PILOT tax issue it's pretty scary. I have seen many apt's have to drop their prices because the pilot taxes are so high, totally undermines the value of your home. If you do decide to go there you can probably pressure them to give you a better deal. Better to rent than buy in that neighborhood. Just type in PILOT tax in search and there will be many posts about it. Good luck
0 votes Thank Flag Link Tue Jun 3, 2008
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