Hundreds of tenants at Gateway Plaza, Battery Park City’s oldest and largest residential development, will have their annual rent increases capped at 2.5 percent for the next 43 years. On Monday, the Battery Park City Authority (BPCA) announced an agreement with Marina Tower Associates to extend those protections for roughly 430 units with continuous occupancy since July 1, 2009. Originally set to expire in July 2030, the safeguards will now remain in place through June 17, 2069.
Located at 345–395 South End Avenue, the six-building Gateway Plaza complex has 1,712 units, ranging from studios to three-bedrooms, most of which are market-rate, according to Crain’s. Residents first moved into the six-building complex in 1982.
Residents have access to luxury amenities, including a fitness center and outdoor swimming pool, according to Yimby.
The original rent-protection agreement was negotiated in the late 1980s and set to expire on June 30, 1995, but BPCA and Marina Tower have since negotiated successor agreements in 1995, 2005, 2009, and 2020.
In addition to the 2.5 percent annual rent increase cap, the agreement establishes annual reporting and capital investment commitments to achieve building sustainability goals and meet New York City’s emission limits by 2050. It also secures long-term property access for BPCA to continue work on the Battery Park City Resiliency Project.
The agreement builds on BPCA’s ongoing efforts to preserve affordability for its tenants. In 2024, Gov. Kathy Hochul announced a deal with the city and the comptroller dedicating BPCA’s ground rent revenue to fund affordable housing. The $500 million commitment is expected to support the creation of thousands of new affordable units.
Last year, BPCA finalized an agreement with landlord Glenwood Management to preserve and expand rental affordability at Tribeca Bridge Tower, a 152-unit building at 450 North End Avenue. The deal increased the number of affordable units from 12 to 31.
“With today’s agreement we’re glad to work to partner with Marina Towers Associates, our local elected officials, and Gateway Tenants Association to preserve stability and predictability for longtime residents,” Raju Mann, president and CEO of BPCA, said.
“Each of them has called this neighborhood home for decades – they’ve raised families and built lives here. Now, extension of their rent protection can help keep them right here in Battery Park City for the long term.”
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