Thursday, September 11, 2014

Urban American Roosevelt Landings Lease Assignment On Agenda For Roosevelt Island Operating Corp (RIOC) Real Estate Committee Today - License Of Southpoint Park Land For Use By FDR Park On Agenda For Full RIOC Board Today Too

Reported August 15:

A change in ownership is coming to Roosevelt Island's 1003 unit Roosevelt Landings building complex currently owned by Urban American.

Brookfield Property Partners has acquired an interest in Urban American's Putnam Apartment Portfolio (approximately 4,000 units) which includes Roosevelt Landings on Roosevelt Island in a transaction valued in excess of 1 Billion Dollars.

Sources who are familiar with the transaction confirmed that Urban American will continue to own the properties in partnership with Brookfield and will continue to operate and manage the buildings....

... Not known at this time if RIOC's consent is needed for the ownership change at Roosevelt Landings.
We'll find our more about the Roosevelt Landings transaction later today. 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 Thursday, September 11, 2014 at 4:00 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.


Discussion of Roosevelt Landings/Eastwood Lease Assignment

Any Other Committee Business That May be Brought Before the Committee
An audio web cast will be available soon after the meeting.

The full RIOC Board of Directors will meet following the Real Estate Advisory Committee meeting. According to RIOC:





5:30 P.M.[1]

I. Call to Order

II. Roll Call

III. Approval of Minutes

1. June 26, 2014 Board Meeting (Board Action Required)

IV. Old Business

V. New Business

1. Presentation of the FY 2014-15 QTR 1 Procurement Report

2. Authorization to Enter into License Agreement with New York State Office of Parks, Recreation and Historic Preservation for Certain Land Adjoining Four Freedoms State Park (Board Action Required)

3. Ratification of Contract with Singh Landscaping & Lawn Sprinkler Corp. for Good Shepherd Community Center Plaza Landscaping (Board Action Required)

4. Authorization to Enter into Contract with Quintal Contracting Corp. for Pothole Repair (Board Action Required)

5. Authorization to Enter into Contract with Shawn Construction, Inc. for Resetting of Z-Brick Pavers (Board Action Required)

6. President’s Report

7. Committee Reports

a. Audit Committee

b. Governance Committee

c. Operations Advisory Committee

d. Real Estate Development Advisory Committee

8. Public Safety Report

VI. Adjournment

[1] The RIOC Board Meeting will commence following a public comment period. The public comment period is not part of the meeting.
A web cast will be available son after the RIOC Board meeting.

More on Agenda Item 2 regarding licensing of Southpoint Park land to NY State Parks for benefit of FDR Four Freedoms Park Conservancy at this post from yesterday.

UPDATE 11 AM - Apparently, the consent of RIOC is required for the Urban American ownership change by assignment of lease.

I just received notice of an amended RIOC Board Agenda for today's meeting which included a new Item 6:
6. Authorization of Consent to Assignment of Lease by North Town Roosevelt, LLC (the Eastwood Tenant) to BSREP UA Roosevelt Landings LLC (Board Action Required)
UPDATE 9/12 - Here's full report including video of the Roosevelt Landings lease assignment meetings.


RooseveltIslander said...

The RIOC Board Of Directors approved the licensed agreement of Southpoint Park land to NY State Parks Department for the benefit of the FDR Four Freedoms Park Conservancy by a vote of 6 to 2. RIOC Directors Margie Smith and Fay Christian were the two no votes.

It was abundantly clear from the discussion that despite approving the license agreement there is a great deal of mistrust by a majority of the RIOC Board Directors of the people running the FDR Four Freedoms Conservancy.

Will have more on this later

CheshireKitty said...

Maybe they are just formalizing the reality that FFP had pretty much taken over those areas anyway. Next, they'll want the ruins - the area within the "pincers" of the land that was just licensed to them. So now we lose access one day a week to land that was formerly part of SPP. Nice.

YetAnotherRIer said...

Nonsense. They needed the space for operating the park and they got it from the state.

YetAnotherRIer said...

So, you are with CK saying that FFP will keep demanding more and more land? What's this fear based on?

Frank Farance said...

I have heard several people tell me that FFP is looking to take over the ruins and turn it into an FDR center. Regardless, even with the present request, it limits access to the ruins. Realistically, FFP is NOT about providing residents access to a park, it is about a not-for-profit having a very valuable plot of land for fundraising and excluding/limiting use/access. With more FFP land, their will be more exclusion/limitation of use/access.

If this were really about supporting the park operations, they would simple allow FFP to build a shed, but that's not what it's actually about.

YetAnotherRIer said...

It's both. It is a park for you and me to enjoy and it is also a location for fundraising etc. etc. There is nothing wrong with that. And if they need a bit more space I don't think it would hurt anybody that they are getting it. The park is a good thing for Roosevelt Island.

CheshireKitty said...

So how far will RIOC go to satisfy FFP's "needs?" Turn over all of SPP to FFP if FFP decides it "needs" it?