Related Expands Affordable Housing at Tribeca Park Through 2069

• Related Companies and the Battery Park City Authority have agreed to preserve and expand affordable housing at Tribeca Park, located at 400 Chambers Street.
• The agreement increases the number of affordable apartments from 81 to 101 units, representing approximately 25% of the building's housing stock.
• Affordability protections that were set to expire in 2029 will now remain in place through 2069.

What the New Affordable Housing Agreement Includes

Related Companies and the Battery Park City Authority have reached an agreement to preserve and expand affordable housing at Tribeca Park, a 27-story residential building located at 400 Chambers Street in Manhattan's Battery Park City neighborhood. The property contains 396 residential units and occupies a prominent location bounded by Chambers Street, River Terrace, and Warren Street, directly across from Rockefeller Park and the Hudson River. The agreement is structured as an amendment to the building's ground lease and will increase the number of income-restricted apartments from 81 to 101 units. Once implemented, affordable housing will account for approximately 25 percent of the building's total residential inventory.

What the Affordability Requirements Look Like

Under the new arrangement, the existing 81 affordable apartments will continue serving households earning up to 50 percent of the Area Median Income (AMI). An additional 20 apartments will be converted to affordable housing as units become vacant. These residences will be reserved for households earning up to 130 percent of the AMI, expanding housing opportunities for a broader range of New Yorkers. Perhaps the most significant aspect of the agreement is the extension of affordability protections. The restrictions were previously scheduled to expire in 2029 but will now remain in place through 2069, aligning with the remaining term of the property's ground lease.

What Changes Are Being Made to the Ground Lease

The agreement also revises the financial relationship between Related Companies and the Battery Park City Authority. Under the updated terms, Related will pay increased ground rent while future rent resets will be replaced with predictable annual increases. The agreement also establishes fees tied to future refinancings or property sales and introduces annual reporting requirements. In addition, Related has committed to supporting the Battery Park City Authority's sustainability and resiliency initiatives as part of the broader partnership.

What This Means for Battery Park City

The agreement reinforces Battery Park City's long-standing role as one of New York City's largest mixed-income communities. Rather than creating a new residential development, the initiative focuses on preserving existing affordability while expanding the number of income-restricted apartments within an established residential building. The extension of affordability protections for an additional four decades ensures that lower- and moderate-income households will continue to have access to housing in a neighborhood where market-rate rents have continued to rise. The deal also provides long-term certainty for both the property owner and the Battery Park City Authority while helping preserve housing diversity within Lower Manhattan.