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April 15, 2014- By Steven E. Greer
We previously commented on the new form of gentrification involving the merely wealthy being evicted by the ultra-wealthy in Battery Park City. The 22 River Terrace condo conversion, and others nearby, are driving renters out of BPC, despite the fact that they are paying market rate for apartments that start at $3,000 a month.
Well, now the New York Post reports on rumors that the Ritz-Carlton hotel/condo hybrid building in South BPC, which is up for sale, might evict the hotel part, freeing up the 14 floors of hotel space for apartments to be sold for millions.
How sublime that would be. The icon of wealth, the Ritz-Carlton brand, might be gentrified out of town.
The real estate geniuses seem to repeat mistakes in every housing boom and bust cycle. Massive overdevelopment takes place, then the new units sit idle in the bust. Will the same developers who are evicting good paying renters be begging the to come back when their condo conversions go unsold?
2 River Terrace sat empty for so long that the BPCA almost foreclosed on the owner, Centurion (the same owner of nearby 22 River Terrace being converted now). 225 Rector was a completely stalled project for years, and so on.
A new form of Downtown gentrification: One percenters evicting the mere wealthy
Cuomo’s BPCA has the power to stop evictions at 22 River Terrace