Fitch Ratings revised the Battery Park City Authority’s outlook to negative from stable last week, citing the potential volatility of the commercial and residential real estate market.

The recession “has had an increasingly negative impact on residential and commercial real estate values, and the contraction of the financial services industry in particular, which may have an especially negative impact on the demand for office and residential real estate in downtown Manhattan, including Battery Park City,” a Fitch ratings report said.

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