The Knicks parade wasn’t the only noise happening in Manhattan’s Battery Park on Thursday.
Related Companies and the Battery Park City Authority (BPCA) have teamed up to preserve and expand the number of affordable units at Tribeca Park, Related’s 27-story Lower Manhattan residential building, the partners announced Thursday.
Related built the 369-unit rental tower at 400 Chambers Street near Battery Park in 1999.
The new agreement with BPCA amends the building’s ground lease to keep in place the 81 units already designated as affordable housing for individuals earning 50 percent of the area medium income. The agreement also will add 20 more units for people earning up to 130 percent of the area medium income.
“We’re proud to work with Related to preserve and increase the number of affordable units in Tribeca Park,” Raju Mann, president and CEO of BPCA, said in a statement. “BPCA is committed to using any and every opportunity we have to add affordable homes to this neighborhood.”
As part of the agreement, 101 units, or 25 percent of the building’s total residences, will be income-restricted through the remainder of the building’s lease term in 2069. Previously, the affordability at 400 Chambers Street was going to expire at the end of 2029.
The agreement also increases the building’s ground rent payments to BPCA.
“Battery Park City stands as one of New York City’s most successful mixed-income communities, and Related has been honored to be part of its evolution for more than four decades,” Bruce A. Beal Jr., president of Related Companies, said in a statement. “Maintaining and expanding affordable housing is critical to the city’s long-term economic strength and quality of life.”
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
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