One Rector Park

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333 Rector Place, New York City, NY


One Rector Park
OneRectorPlace-NYC-Exterior.jpg

One Rector Park, in Battery Park City, NYC
Building Information
Developer Rockrose
Architect Charles Moore
Management Company Milford
Number of Units 174
Number of Floors 15
Year Built 1985
Construction Method Concrete
Type of Roof IRMA
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333 Rector Place, New York City
Distance to Public Transit Less than one block
Region New York City
Municipality New York City
Zoning M2-3
Title of Land Condominium


Contents

Background

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.

There are also fees associated with park upkeep, park staff, garbage disposal, etc. and fees for land leasing or ground rent. The latter two classes of fees are included in the common charges of condominium developments in Battery Park City, however, the PILOT is given a separate heading by One Rector Place for the sake of clarity. Some potential buyers have cited concerns over the unpredictability of land lease rates, and the effect this might have on the resale value of residences in this development.

333 Rector Place occupies the southwest corner of South End Avenue, at Battery Park Esplanade. This is a remarkable location - close to parks, shopping, the water, supermarkets, and the business district. The building boasts impressive views, a pleasant street and neighborhood ambiance, and little noise from nearby services or nightlife. In terms of transportation, this address is:

  • A 'walker's paradise', in which daily errands can be accomplished without a car.
  • A 'rider's paradise', scoring a perfect '100' for transit, with more than 40 bus and rail options nearby
  • 'Very bike-able', with excellent lanes and flat geography[4].

Construction

The recreational roof terrace, built when One Rector Park was still River Rose

The Rector Place Complex was developed from 1985 to 1991, and consists of 10 buildings, ranging from nine to 44 stories in height. One Rector Park, or, River Rose, as it was originally called, is the fourth lowest building in the complex. At 41.61 meters high, it stands 15 stories above ground.

River Rose was built by Rockrose and designed by Charles Moore, with Kaiser, Rothzeid, Thomson & Bee. The building is divided into a mid-block portion of strongly accented, protruding masonry balconies and a corner section, with large, mid-building horse-shoe decorative element covering three-stories on two of the building's façades. The two sections are united by a white stone base. This building, with its dark red facade, has been called one of the country's most famous Post-Modern designs,[5] featuring an attractive exterior with a unified design, consistent fenestration, good local visibility, and an attractive entrance way.

After the building was sold in 2007, the partners embarked on an ambitious $100 million+ program of high-end renovation work, unit combinations and reconfigurations. The 220,000 square foot building was re-developed into a 174-unit condominium complex and renamed One Rector Park.[6] The building was updated again in 2011, with interiors designed by Costas Kondylis.

Layout and Features

One Rector Park is comprised of 174 condominium units, ranging in size from 594 square foot studio apartments to 2,636 square foot 4-bedroom residences. The sheer number of units per floor may be a downside for potential buyers. About 75% of the building's units have terraces and balconies, looking out over park and water vistas, including views of the Hudson River, New York Harbor and the Statute of Liberty.

All feature a choice of two color palettes (cool or warm) for kitchens, bathrooms and flooring. Every residence has new modern appliances, including a Bosch stack-able washer and vent-less dryer, an iPod docking station with built-in speakers, and a wall-mounted television in master bathrooms.[7] These amenities come at the cost of relatively high common charges.

Floor Plans

One Rector Park offers 142 floor plans. Here are a few examples:

Amenities

  • Little Door children's play area
  • Bar and Books private residents' lounge and event space
  • Library
  • Windowed fitness center
  • Business and homework center, equipped with scanner, fax, and color copier
  • Front desk (attended 24 hours)
  • Full service concierge
  • A 50-car garage
  • Recreational roof
  • Live-in superintendent
  • A double-height paneled lobby with cold storage
  • Doorman
  • Nearby parks and green space
  • 20,000 square feet of retail space

Bylaws

One Rector Park Bylaws
Rentals Yes
Pets Yes
Age No


This building is pet-friendly and has no age restrictions. Pied-à-terre and sublets are allowed.

Sustainability

Having been built before sustainability in construction became a widespread concern, this building is not LEED certified, and is therefore not considered a green building.

However, given One Rector Park's proximity to public transit and other amenities, residents can reduce their carbon footprint by walking, biking, or taking transit for most trips - as well as by taking part in New York's recycling programs.

Trivia

  • Battery Park City was created in 1976 with landfill excavated during the construction of the World Trade Center, and was intended to house the business professionals working in the nearby financial district.
  • During the 2001 attack on the World Trade Center, One Rector Park was spared, but several nearby buildings were punctured by airplane parts.
  • Battery Park City is home to more than 400 species of flora.
  • Four time America's Cup winner Dennis Connor keeps his championship catamaran in nearby North Cove Yacht Harbor.


References

  1. Bonjour Capital
  2. Curbed NY
  3. The Battery Park City Broadsheet
  4. Walk Score
  5. Carter Horsley Review
  6. Real Estate Weekly
  7. 1 Rector Park sales site


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