Luxury condos dominate Battery Park City’s real estate market, comprising of almost all the apartments for sale in this idyllic neighborhood. This idyllic and verdant neighborhood with a picturesque waterfront has a more tranquil and private feel than the rest of the city. When it comes to having a unique history, it’s hard to top that of Battery Park City, a planned neighborhood built on reclaimed land from the Hudson River. This has created a bit of a dilemma when it comes to the real estate in the community as there is a land lease in place, meaning that property owners, landlords, and developers do not own the land they occupy, but instead lease it from the Battery Park City Authority (BPCA) through 2069. There is quite a bit of confusion over what will happen then, as well as more near-term effects, which include rising monthly payments. This ground lease is what is responsible for the high monthly payments you’ll see in condos in Battery Park City (the neighborhood has no coops whatsoever). Real Estate sales prices are nonetheless up compared to 5 or 10 years ago, but the past year has seen a lot of uncertainty with fewer condos selling, and many listings seeing multiple price drops. Overall the market in the neighborhood is relatively illiquid due to the uncertainty over the land lease. This has made it unattractive to investors and instead attracted buyers who are typically looking to plant roots. Many of the buyers are drawn to the condos in Battery Park City due to their low selling prices, which make it easier for them to get more bang for their buck as the upfront costs are dramatically less than comparable apartments in any other Manhattan neighborhood. They do, of course, have to contend with much higher monthly condo fees and dues as well as the uncertainty of the land lease which makes working with an experienced broker who knows the area and well essential (as each building has negotiated its own individual ground lease agreement with the BPCA).