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In Which Battery Park City is the Chosen Land, With Compromises

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If reading The Hunt stokes your deepest hopes that someday everything in life could work out, then you, too, are obsessed with the New York Times Sunday Real Estate section. Join us as we venture into the depths of this weekend's installment.

After Vivek and Roshina Nasa had a kid, they knew their days of loft living in the Financial District were over. When the second kid arrived, it was straight to the family farm aka Battery Park City for them. Hoping to get a real three-bedroom apartment for $1.8 million, they were pushing it with the budget-to-space ratio. However, as a testament to the will of the New York City parent, the two persevered. After looking all over the damn place, former zombie building, 1 Rector Park was their savior. 2,400 square feet for 1.99M. Not bad!

They loved the solitude and greenery of Battery Park City, which felt worlds away from the concrete jungle of the financial district. Their budget topped out at $1.8 million. But desirable three-bedrooms were usually in the low $2 million range. The tradeoff in Battery Park City, the Nastas found, was size versus view.

They considered the trendy and eco-friendly Riverhouse, in the northern part of Battery Park City, but preferred the better-established south end, which is closer to Dr. Nasta’s downtown office. Mr. Nasta works in Midtown.
In the southern part, they liked the Visionaire.
Though apartments in the area remained unsold for months, sellers seemed unwilling to negotiate, Mr. Nasta said. He became increasingly frustrated.

All along, Dr. Nasta’s favorite building had been 1 Rector Park, a 25-year-old building, formerly a rental, that was undergoing a condominium conversion.

The building’s ownership was in transition, and sales stalled.

One of its investors took over and reduced prices “to reflect the new economy,” said Paula Burchill, the building’s sales director.

The Nastas found just what they wanted: a sprawling three-bedroom with just over 2,400 square feet of space. A location just at the tree line lent a feeling of “floating on trees,” Mr. Nasta said.

The purchase price was $1.99 million, and the monthly charge was a little more than $5,000.

· Putting Down Roots in a Place Above Trees [NYT]