Rockrose looking to offload apartments.
Cushman & Wakefield has been appointed to sell 22 River Terrace, a luxury residential building at the convergence of Battery Park City's north neighborhood and Tribeca. The property is located directly on the Hudson River waterfront, is nestled between two of Manhattan's best public parks and is within short walking distance from the many amenities and cultural attractions that Battery Park City and Tribeca have to offer.
22 River Terrace, a 28-story, 324-unit luxury residential building offers investors an opportunity to create value by converting the building to residential condominiums, without the typical development risks associated with condo development.
The conversion strategy can start immediately, would be supported by a steady income stream, and would leverage the current scarcity of new residential condos that has driven demand to unprecedented heights within Tribeca and the West Village.
Once converted, 22 River Terrace would be among a very limited set of condominium buildings located on the waterfront in Northern Battery Park City.
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Steve Kohn, Karen Wiedenmann and Brian Szczapa are marketing the leasehold interest on behalf of Rockrose Development Corp.
"Demand for high-end residential condos has never been better, particularly in Tribeca and Lower Manhattan," said Rockett, a Cushman & Wakefield executive vice president.
"What better place than 22 River Terrace, providing luxury apartments in a location surrounded by the waterfront and New York's best outdoor spaces, all within a short walk to the best restaurants, shops and amenities Tribeca and Northern Battery Park City have to offer."
Rockrose developed the building in 2001 and recently completed a renovation program to install first-class finishes in the common hallways and the building's substantial roof deck amenity space, with spectacular, unobstructed Hudson River views.
22 River Terrace has become a popular destination among young professionals and families who are attracted to the property's waterfront location, proximity to high-ranking schools, convenience to transportation, as well as Battery Park City's solidified status as New York's premier live, work and play neighborhood.