The average 30-year fixed-rate mortgage in August was 6.59%, according to Freddie Mac, down from 6.72% in July and 6.50% one year ago.
With the 5-0 CAC affirmative vote, the Yonkers project now advances for full consideration with the New York State Gaming Location Board.
The agreement underscores the continued strength of Lower Manhattan’s office market, of which Brookfield Place comprises approximately 10% of inventory.
The agreement underscores the continued strength of Lower Manhattan’s office market, of which Brookfield Place comprises approximately 10% of inventory.
NEW YORK—State and city officials announced on Wednesday an agreement between the Battery Park City Authority and Brookfield Properties to modify the ground lease for Brookfield Place, a 9.4 million square foot office and retail complex located in Battery Park City.
The new lease terms, which secure higher ground rent payments and extend the lease term from 2069 to 2119, are projected to generate an estimated $1.5 billion of current value for the City of New York and for the Joint Purpose Fund, which supports affordable housing development across New York City.
“This agreement not only ensures the stability of Battery Park City while building and preserving more affordable homes throughout New York City — it also uplifts the city’s economy by securing Brookfield Place for years to come,” Gov. Kathy Hochul said. “My administration will continue to work with our private, city and local partners to promote affordable housing, economic growth and deliver only the best for New Yorkers.”
New York City Mayor Eric Adams added, “From the most jobs in city history to historic amounts of housing, the Adams administration has been relentless in creating a safer, stronger, more affordable city. Today’s announcement with Brookfield Properties doubles down on our success, laying the groundwork for another five decades of economic growth and new homes.”
New York City Comptroller Brad Lander said, “With this renegotiated ground lease, Battery Park City can increase long-term revenues through 2119 — continuing to thrive as an economic engine in Lower Manhattan — and continue to lay the groundwork toward financing affordable housing.”
The agreement underscores the continued strength of Lower Manhattan’s office market, of which Brookfield Place comprises approximately 10% of inventory, and builds upon Governor Hochul, Mayor Adams, and Comptroller Lander’s announcement in 2024 of a $500-million investment in the Joint Purpose Fund to build and preserve affordable housing in New York City.
Battery Park City Authority Chair Don Capoccia said, “Battery Park City Authority is glad to deliver this agreement for the future of affordable housing, for the future of downtown — for New Yorkers. I thank Governor Hochul, Mayor Adams, Comptroller Lander, our partners at Brookfield, and Raju and the BPCA team for securing this historic and impactful win.”
Battery Park City Authority, a state agency, owns the land in Battery Park City and has long-term leases in place with the building owners in the neighborhood. In exchange for a longer lease term, Brookfield is committing to pay higher ground rents which will primarily flow to the Joint Purpose Fund and support the construction and preservation of affordable housing throughout New York City.
As part of the agreement, BPCA has secured additional commitments designed to support the future of Brookfield Place and Battery Park City.
Located in Battery Park City, the four original towers of Brookfield Place were developed by Olympia & York as the World Financial Center between 1983-1988. Subsequent to Olympia & York’s bankruptcy in 1992, Brookfield Properties acquired the majority interest in the four original towers of Brookfield Place. In 2013, Brookfield acquired 300 Vesey St. Over the last decade, Brookfield has invested $900 million to modernize Brookfield Place, including a renovation of the Winter Garden, constructing the east-west passageway linking Brookfield Place with the World Trade Center, and repositioning of the retail at Brookfield Place introducing dynamic new retail and dining offerings.
In addition, Brookfield has invested $220 million to modernize and enhance the legacy of World Financial Center office lobbies, mechanical systems and elevators and spent $40 million to modernize and enhance Brookfield Place’s sustainability features. Today, Brookfield Place is one of New York City’s premier mixed-use office and retail complexes and includes five office buildings with heavily touristed retail and dining offerings and tenants such as Royal Bank of Canada, Jones Day, Cadwalader, Invesco, People Inc., and Jane Street.
BPCA owns the 92 acres that comprise Battery Park City, with all third-party owned buildings within the neighborhood on ground sub-leases to the authority. The BPCA financing structure supports both the Battery Park City neighborhood — funding maintenance of open spaces, neighborhood beautification and programming, and supporting debt service used to fund portions of BPCA’s capital projects — and the City of New York — contributing to both its General Fund and affordable housing initiatives citywide.
BPCA collects revenue from these ground sub-leases in the form of ground rent, Payments in Lieu of Taxes (PILOT), and other fees. These revenues first fund BPCA’s operating expenses and debt service, with the majority of remaining funds, known as “excess revenues,” annually distributed to the City. The share associated with PILOT (approximately 80 percent of BPCA’s excess revenues) flows to the New York City General Fund and the share associated with ground rent is allocated to a Joint Purpose Fund, the use of which is decided unanimously by the Mayor, New York City Comptroller, and BPCA. In 2024, Governor Kathy Hochul joined Mayor Adams, New York City Comptroller Lander in announcing that BPCA will disburse $500 million in excess operating revenues to New York City’s Affordable Housing Accelerator Fund for the purpose of building affordable housing across the five boroughs. Since 2010, BPCA’s excess operating revenues have contributed more than $460 million in dedicated funding for affordable housing across the five boroughs and helped build or preserve over 10,000 units of affordable housing.
The agreement is the latest action by BPCA to secure long-term stability in the neighborhood. In June 2025, BPCA executed an agreement to preserve and triple the number of affordable apartments at Tribeca Bridge Tower, a 152-unit rental building in Battery Park City. In 2022, BPCA announced an agreement with Rockrose to preserve 70 affordable rental homes in Tribeca Pointe, a Battery Park City apartment building, for nearly 50 years. In 2020, BPCA announced an agreement with Marina Towers Associates to extend a rent protection agreement at Gateway Plaza, Battery Park City’s oldest and largest residential complex, for approximately 600 long-time residents through July 2030.
The average 30-year fixed-rate mortgage in August was 6.59%, according to Freddie Mac, down from 6.72% in July and 6.50% one year ago.
With the 5-0 CAC affirmative vote, the Yonkers project now advances for full consideration with the New York State Gaming Location Board.
HGAR officials noted that its selection “is a testament to the impact of our advocacy, leadership and presence across the region.”
Dais pleaded guilty today in Rockland County Court to forgery and violation of the Home Equity Theft Protection Act (HETPA).
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