Final Roosevelt Island Main Street Master Leaseholder Terms and Island House Privatization/Ground Lease Extension To Be Discussed at RIOC Real Estate Committee Meeting On Monday April 4 - In Closed Executive Session

Main Street Image From Jones Lang LaSalle

According to the Roosevelt Island Operating Corp (RIOC):

PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Monday, April 4, 2011 at 5:00 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.

AMENDED AGENDA

     1. Review of the Stanford University Proposal for Roosevelt Island and Discussion of the NYCEDC Applied Sciences  Campus RFEI;
     2. Chair's Motion for Executive Session to:
          a.  Discuss the Final Terms of the Main Street Commercial Master Lease; and
          b.  Review of the Privatization/Affordability Plan and Ground Lease Extension for Island House

Discussion of the Stanford proposal will be held in public but the Main Street Master Leaseholder and Island House Privatization/ Ground Lease will not be held in public. An audio webcast of the public portion of the meeting will be made available soon thereafter (usually with 2 business days).

More information on the Roosevelt Island Main Street Master Leaseholder and Stanford University proposal for Roosevelt Island available at previous posts. There is not much information available on Island House privatization except this from the January 8, 2011 Island House newsletter posted on their Tenants Association web site:

 We have good news to report from the last days of Governor Patterson's administration: ESDC has indicated it has approved our affordability plan for conversion of our building. As a recap, Island House tenants voted overwhelmingly for such a plan in September 2009 and DHCR gave their approval afterward. This past year, we spent time nudging ESDC for their approval, along with the help of Assemblymember Micah Kellner. The next step is for the RIOC Board to approve a ground lease. After the ground lease is approved the owner, in coordination with the NYS Attorney General, will provide the red herring and black book offerings.

This is good news for both renters (who will be able to stay at affordable rates) and buyers (who are interested in purchasing their apartments) because this provides long-term preservation. We will convene a tenants informational meeting soon.

UPDATE 4/6 - Audio webcast of public portion of meeting is now available.