Presentation at the National Institute for Coastal and Harbor Infrastructure, Business Summit, May 7, 2014; New York Academy of Sciences.

1. Battery Park City Authority
The Success of Battery Park City:
A Model for Urban Waterfront
Development
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2. Our History
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•Created in 1968 as a New York
State Public-Benefit Corporation,
the Battery Park City Authority
(BPCA) was tasked with developing
and maintaining a well-balanced
community on the lower west side
of Manhattan where rotting piers
once stood.
•While faced with much adversity
throughout the past 46 years, many
consider Battery Park City a success
story.

3. Elements for Success
Creation of a NY State Authority
• As a State Authority, BPCA was empowered to
make decisions and act quickly with minimal
interference, while still requiring City/State
oversight and approval of such matters as the
financing of its capital expenditures.
• Since its inception, BPCA has had the authority
to issue debt, invest funds, engage contractors,
and take necessary action to plan and develop
the 92-acre site of Battery Park City.
• The Authority is governed by a 7 member
board, appointed by the Governor.
• Both the corporate and governance structures
contributed to an efficient and effective
operation.
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4. Elements for Success
Initial Capital Investment from the State of NY
• Early on, the State guaranteed the
payment of 200 million dollars of tax
exempt debt issued by the BPCA,
which was essential as BPCA had no
regular source of income until the
early 1980’s.
• BPCA used this money to knock down
dilapidated piers, install landfill and
begin to build public infrastructure,
including roads and civic facilities.
• Master Plan for the entire site was
approved allowing for “as of right”
development by private sector.
• BPCA infrastructure was built out in
stages attracting development.
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5. NATIONAL INSTITUTE FOR COASTAL &
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6. NATIONAL INSTITUTE FOR COASTAL &
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1970’s:
Battery Park
City begins to
take shape as
landfill is
formed.

7. NATIONAL INSTITUTE FOR COASTAL &
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•By 1988, the
World Financial
Center complex
was completed.
•Complemented
the existing World
Trade Center.
•Solidified Lower
Manhattan as a
premiere business
hub.

8. Elements for Success
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BPCA’s Master Plan called for a well balanced mix
of residential, commercial and retail space
alongside 35 acres of reserved public parks and
open spaces.
Today, this diversity makes the area an attractive
draw to its 48,000 workers and 13,500 residents.

9. BPC: A Masterful Mix
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• Battery Park City is encompassed by 10.3
million square feet of office space, 8,500
residential units, and over 230,000 square
feet of retail space.
• Additionally, our campus offers an eclectic
mix of educational and cultural institutions:
-Stuyvesant High School, P.S. & I.S. 276,
Battery Park Montessori.
-Museum of Jewish Heritage
-Skyscraper Museum
-Irish Hunger Memorial
• Led by experienced professionals, our
Parks Conservancy maintains one of the
best park systems in the world.

10. Elements for Success
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Public/Private Partnership
• While the BPCA owns and manages the land, it competitively bids out long-term
leaseholds to the private sector, obtaining compliance to Master Plan design
guidelines and the best maximum value for the land.
• This has attracted some of the leading names in business and development to
invest.
– Today, Brookfield Properties is in the midst of a $250 million renovation which will bring a
wide array of retail and restaurants to the area.

11. BPCA’s Fiscal Standing & Capital
Projects
• BPCA has not lost sight of its public purpose mission notwithstanding its financial
success. BPCA helped lead the rebuilding of Downtown by developing 10 buildings
within a decade after the Attack.
• BPCA currently has approximately $1.1 billion dollars outstanding debt.
– Rated “AAA” by every major credit agency across the board, higher than our US Treasury.
– Low leveraged, low cost of capital.
• Capital Projects
– While Battery Park City is substantially built out, much work remains to maintain its infrastructure
and landscape.
– 2014 Capital Projects include:
• Pile Remediation/Seawall Reconstruction
• Esplanade Lighting
• Electrical Repair and Maintenance
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12. Past Challenges
Superstorm Sandy
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Case Study: Pier A
•Given Pier A’s vulnerable location,
rising sea water flooded the
structure causing significant damage.
•Utilizing the experience and
expertise of BPCA Board Members, a
sub-committee was formed to
expeditiously review the damage and
ensure reconstruction costs were
appropriate.
•Resiliency measures were
implemented wherever possible
during its rehabilitation.

13. Resiliency Measures: Pier A
• Elevating electrical equipment.
• Using polished concrete, which is resistant to damage
from water exposure.
• Installing additional fire alarm box on the 2nd floor, to be
used in the event of a future flood.
• River Water Geothermal System
– Uses the Hudson River as a thermal exchange resource for the
heating and cooling of the building. It is a “closed-loop” system
which circulates a glycol mixture through an array of marine keel
coolers located under the pedestrian promenade surrounding the
Pier. The keel coolers operate as the heat exchangers which transfer
heat to/from the River. This innovative system allows for increased
energy efficiency and avoids the need for a cooling tower to be
placed in the Pier A Plaza.
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14. Model to Consider
• Throughout its history, BPCA has
provided the City of New York with
over $2.8 billion dollars of excess
cash profits, including hundreds of
millions in State/City budget relief
and lower income housing funding.
• The development of this “mini City”
along the water has helped fuel the
NYC economy, while allowing for the
reinvestment of funds generated
back into the Authority’s mission.
• Ideal example of the private/public
sector working together with
common interest to preserve a
regional economy.
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