Affordable apartments at Tribeca Park are set to stick around for the long haul, after the Battery Park City Authority and Related Companies cut a new deal for the 396-unit rental at 400 Chambers Street in Battery Park City. The ground-lease amendment preserves existing income-restricted units, adds more affordable apartments, and tweaks the building’s financial terms to offer residents more predictability. The agreement keeps affordability protections in place for decades.
What the agreement does
Under the revised ground lease, Related will preserve 81 existing affordable apartments and create 20 additional affordable units, for a total of 101 income-restricted homes, or roughly a quarter of the building’s stock. The 81 current units will remain reserved for households earning up to 50 percent of the area median income (AMI). The 20 new apartments will be designated for households earning up to 130 percent of AMI as units become vacant. Those affordability protections are tied to the remaining term of the building’s ground lease and are extended through 2069, as reported by New York YIMBY.
Building background
Tribeca Park was developed by Related and contains about 396 apartments, with amenities that include an indoor pool and a landscaped courtyard. According to Related, the building was designed by Robert A.M. Stern and Costas Kondylis and sits between Chambers Street, River Terrace and Warren Street, facing Rockefeller Park and the Hudson River.
How it fits with BPCA’s recent deals
The Tribeca Park amendment falls in line with a series of recent Battery Park City Authority negotiations that extend tenant protections by matching affordability timelines to ground-lease schedules and revising ground-rent structures. In its February release on Gateway Plaza, BPCA highlighted similar tools - market-based ground rent, capital-event fees tied to sales or refinancings, and annual reporting and sustainability commitments - as key mechanisms for preserving long-term affordability. That same release points to earlier agreements at Tribeca Bridge Tower and Tribeca Pointe, framing Tribeca Park as part of a broader Battery Park City strategy, as outlined by the Battery Park City Authority.
Developer statement
Bruce A. Beal Jr., president of Related Companies, said in a statement to New York YIMBY, "Maintaining and expanding affordable housing is critical to the city’s long-term economic strength and quality of life." He added that Related would support BPCA’s sustainability and resiliency goals under the amended lease terms.
What happens next
The ground-lease amendment now moves toward final implementation between the authority and Related, and the building remains under state oversight as a covered project. New York State Homes and Community Renewal lists Tribeca Park on its covered building list, underscoring the regulatory framework around affordability at the property. Tenants in the preserved units will retain income-restricted status through 2069, while the 20 additional affordable apartments will be designated as vacancies arise.
