Roosevelt Island Spurs Long-Term Planning Initiative, Master Lease Extension
New York state and city have reached a new conceptual agreement to extend the Roosevelt Island master lease by 10 years to 2078 and a separate agreement to begin a joint planning effort oriented around future development on the island. The outcomes of the planning and engagement work by the city, state and Roosevelt Island Operating Corporation will be incorporated into a longer-term extension to the master lease in coming years.
“Roosevelt Island holds some of the best views of New York City’s skyline, but also has a deep and rich history, making it a desirable place for New Yorkers to live and a notable tourist destination,” said Gov. Kathy Hochul. “This new lease extension will allow for the island’s next chapter — exploring opportunities to build more housing and new infrastructure for the community and visitors to gather, while still providing stability for current residents.”
The planning process will also consider possible redevelopment of the defunct Roosevelt Island Steam Plant site and future use of the NYC Health + Hospitals/Coler campus, a 500-bed skilled nursing facility on the north side of the island.
Get ready to hear from the Southeast’s most influential multifamily leaders on December 4th at Connect Southeast Multifamily. Join us to hear from and connect with the power players shaping the region’s growth — from top developers and investors to the most prominent lenders, owners, and advisors who are defining the next wave of opportunities. www.ConnectSEMF2025.com
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout