Historic Tax Credits
$33 Million Federal
Total Project Cost
$195 Million
Project Partner
Cipriani, Midtown Equities & Centaur Properties
Impact
Economic Development
History
Turn of the Century Civic Architecture
The Battery Maritime Building is an iconic Beaux-Arts ferry terminal building originally constructed in 1909 located at the southern tip of Manhattan. Before Manhattan’s numerous bridges were built, the ferry system served as the primary mode of transportation to New York’s other boroughs, playing a key role to the city’s early expansion. By the end of the 1800s, there were nearly 20 separate ferry lines on the East River alone, including one that operated out of South Street and served Brooklyn and 39th Street.
In 1906, the city of New York assumed control of this ferry line and spearheaded the construction of the Battery Maritime Building, which finished construction in 1909. It was designed by Walker & Morris to act as the Municipal Ferry Pier connecting Manhattan to South Brooklyn. The Brooklyn ferry service shut down in 1938, and the 140,000 square-foot building has since been used by various city agencies, the US Army, and, most recently, the US Coast Guard. The building was listed on the National Register of Historic Places in 1976.
The massive steel structure is a prime example of civic architecture at the turn of the century in New York City. The building features a historic great hall, 2,800 square-feet of skylights located on 35-foot ceilings, and floor to ceiling windows. There are over 8,800 elements of cast iron throughout the building. Spectacular views can be seen of the Brooklyn Bridge to the east, Governors Island to the south and the Statue of Liberty to the west.
Revitalization Efforts
20 Years in the Making
Prior to the deal closing in 2019, the redevelopment of Battery Maritime had been in the works for nearly 20 years until the New York Economic Development Council (“EDC”) made the redevelopment a priority for the City. The project team rehabilitated the building into a unique space including a hotel, banquet space, restaurant, and cultural destination. It also remains an operational ferry terminal serving lower Manhattan and Governors Island. The restored building is open to the public throughout the year through cultural events such as art shows and exhibitions.
Community Impact
A Community Engaged
The development generated roughly 1,000 construction jobs and 200 permanent jobs. The EDC was intimately involved in the development and helped to recommend organizations that support the hiring of locals and low-income people. The development team also worked closely with groups like HireNYC to ensure employment opportunities
were marketed, filled, and paid equitably. The project also employed a cultural coordinator to organize events and exhibits open to the public throughout the year. Hosted in the great hall, these events include art shows and exhibitions, which draw local foot traffic from the nearby Waterfront Esplanade.
NTCIC & Progress
Economic Impact
The $195 million restoration of Battery Maritime in New York City was made possible, in part, by NTCIC through an equity investment in the $33 million in federal Historic Tax Credits (HTC) generated by the project.
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