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Today's Featured Building: One Rector Park

OneRectorPlace-NYC-Exterior.jpg

One Rector Park was originally constructed in 1985 as a 228-unit rental apartment building called River Rose. The original building was part of the construction boom kicked off by the development of the World Financial Center Office Complex. After the destruction of the World Trade Center in 2001, many residents fled, prompting the foundation of the Lower Manhattan Development Corporation which offered a variety of incentives in an attempt to attract residents.[1] When this grant program ended in 2004, Rockrose began offering its own incentives. Environmental concerns over toxic dust spread by the falling twin towers remains an issue for many neighborhood residents and workers.

In 2007, Rockrose sold the leasehold interest in the building to a partnership of Bonjour Capital and Buttonwood Real Estate. Condominiums in the newly renamed One Rector Park were first offered for sale in April 2009 and renovations were completed in July of that year. However, the sales office closed down in September 2009, with fewer that 15% of units sold. Indeed, all but one of the original purchasers backed out of their contracts.[2] Reasons for this included the high-profile foreclosure of Parc Place (225 Rector Place), a similar project located just across the street, and tightening mortgage rules.

By 2010 the deed to this development had been transferred back to investment bank iStar (who had been a lender to the partnership).[3] iStar relaunched sales in the fall of 2010, and the offering plan was declared effective in March 2011, allowing closing to begin. One Rector Park was the best selling building in the area in 2012, and by February, 2013, the project was 90% sold out.

Location

Entrance way to One Rector Park
One Rector Park is located in Battery Park City, a 92-acre planned community on the southwestern tip of Manhattan. Called 'New York's greenest neighborhood', Battery Park City features 13 parks, with 36 acres of permanently protected open space.

Because the land is technically owned by the Battery Park City Authority, a public entity, residents of downtown condos don’t pay taxes, they pay PILOT — Payments in Lieu of Taxes.

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Region Buildings Housing Units
New York City, NY 625 103,068
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