Recharging Battery Park City: 1979-82
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Recharging Battery Park City: 1979-82 book
New York State and the City were still intensely concerned about their financial state in the late 1970's, to the exclusion of concerns about redeveloping Battery Park City. With hindsight, it can be suggested that the BPCA was well positioned to take advantage of an economic recovery, but expectations had been drastically reduced by the fiscal crisis. The New York real estate market had been depressed for most of a decade. Nobody expected it to recover to the levels of the late 1980's boom. Even if they did, the bond principal repayments required in the early 1980's would force the BPCA financial issues before any private sector revenues could begin to flow.