Riverhouse - 1 River Terrace - BPC - by Polshek Partnership with Ismael Leyva

[Merry]

More Parks That Just Won't Open, Battery Park City Edition!

February 12, 2010, by Pete

















The stones are stacked, the wooden stairs are planked and the plants are in the ground, but Teardrop Park South—the extension of the original little park into the wings of the luxury Riverhouse condos in Battery Park City—has yet to open. Last fall the word from the top was that the new Teardrop would open in November. Three months later the south entryway beneath the Riverhouse's billiards room (where buyers Leonardo DiCaprio and Tyra Banks no doubt rack 'em up nightly) remains blocked off by a stretch of cyclone fence. The north end along Warren Street is cluttered with equipment and a "Do Not Enter" message. But here's some good news: There won't be eternal darkness!

Because the new patch of park is surrounded on three sides by the high walls of the Riverhouse, light will come from three strategically placed adjustable mirrors—called "heliostats" and designed by Carpenter Norris Consulting—that sit atop the parapet of the building across the way and bounce the sun's rays down into the alcove of the park. Teardrop Park South has been designed by Michael Van Valkenburgh Associates, the same team that put together the original award-winning Teardrop Park across Warren Street to the north (where raccoons recently roamed). Will overdue Teardrop open before Van Valkenburgh's overdue Brooklyn Bridge Park? Hordes of wildlife wait in the wings.

We’ve still got work to do in B.P.C. [Downtown Express]
Riverhouse coverage [Curbed]

http://curbed.com/archives/2010/02/1...ition.php#more

[lofter1]

... Last fall the word from the top was that the new Teardrop would open in November.

The man at the top mentioned above, James Gill, resigned suddenly this week -- possibly related to on-going investigations of the BPC Authority.

[BPCFan]

Hi everyone,

I heard that the Riverhouse is currently unable to close on any contracts because of some issue that needs clearance by the Attorney General.
Any ideas what this is about?

Thanks!

[lofter1]

Where did you hear this info? What specifics can you give?

[BPCFan]

Unfortunately I don't have any details. I was starting to look at properties in BCP and eyed the Riverhouse. When I spoke to a befriended realtor, he mentioned that there seems to be the issue I mentioned. He does not know any details though...

[BPCFan]

Dear all,

sorry for the repost - but so far no answer to this question.
It seems that the Riverhouse doesn't even show any apartments at this point due to some legal issues!

Does anyone have an idea what is going on there?

Thanks!

[lofter1]

Curbed has the word about what's going on:

Developer Sacked at Battery Park City's Riverhouse

All is not love and peace signs down at Riverhouse, the eco-obsessed luxury condo tower in Battery Park City that lured celebrity buyers like Leonardo DiCaprio and Tyra Banks into its David Rockwell-designed interiors. Despite the 264-unit building being around 70% sold, rumors and whispers about money troubles have been floating around all month. That speculation was bolstered by the $48 million lis pendens (a pre-foreclosure legal move) filed by PNC Bank on the property in early February, as seen on PropertyShark. But the real drama at 1 River Terrace has nothing to do with bankruptcy or shaky financial footing, but rather a power struggle between the sponsors—local developer the Sheldrake Organization and what remains of Lehman Brothers' real estate partnership. The dispute, which has resulted in Sheldrake being removed as managing member of the overall partnership, is over the use of funds. Or, in Lehman's words, fraud ...

FULL STORY with all the legal stuff.

[BPCFan]

Hi Lofter1,

thank you very much!

It sounds like trouble to buy there...do you think it's a good idea to move on and find a different building, i.e. it sounds like this construction is built on shaky financial ground?

Cheers!

[ASchwarz]

^
That's a decision only you can make, but the issue does not appear to be financial but rather ownership-related.

Any building, new or old, will have issues, and these issues are always factored into the price.

[lofter1]

I'm a renter not a shopper, so I'm not the one to offer advice.

[lofter1]

The new library will open next week, on March 15:

Read all about the B.P.C. Library

Downtown Express
By Julie Shapiro

Only one thing is missing from Battery Park City’s sunny, spacious new library, set to open March 15: the musty smell of well-worn books.

“The most exciting thing is having a brand-new collection,” said Billy Parrott, the branch manager, as he gave Downtown Express a tour this week. “We have very, very, very few books taken from other libraries.”

With brightly colored volumes and glossy DVDs filling the shelves, the $6.7 million, 10,000-square-foot library on North End Ave. looked as fresh and orderly as a Borders this week as staff prepared for the grand opening ...

[FoundMyPrince]

I know this is really old but I have a question....I see there is a 1 River Terrace and a 2 River Terrace, are there 2 buildings? Or is it that big? Thanks.

[Derek2k3]

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