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Thursday, May 28, 2015

Roosevelt Island Million Dollar 3 Bedroom Duplex Coop For Sale At Former Mitchell Lama Island House Rental Building

Roosevelt Island's Island House rental building

was taken taken out of the Mitchell Lama Program in 2012. Island House Tenants Association (IHTA) President Graham Cannon reported last April:
It has been a long journey, at least a decade, but the Island House tenants are transitioning into the Affordability Plan that was envisioned long ago: some tenants will continue to be renters with strong rent protections for the next 30 years, some tenants will purchase their apartments at affordable rates. The Sponsor's offering plan was recently amended to offer a buy-out option...
... Our attorney Stuart Saft, who has literally Written The Book on coop conversion law, has helped guide use through the process with extensive knowledge, skill and effective negotiation. Our government entities, RIOC, ESDC, and DHCR (Rich McCurnin) have collaborated on this Affordability Plan and have created a template that can be used to preserve affordable housing in other Mitchell-Lama building complexes throughout the City and the State....
The first 6 Island House Co-Op apartments are now on sale in prices

Image From Corcoran

ranging from $392,900 for 596 square foot studio to $1,007,000 for a 1656 square foot 3 bedroom 2 1/2 bath duplex.

Images From Island House NYC

According to the Island House NYC:
Think You Know Roosevelt Island? Think Again.

What if we told you that in as little as 90 seconds, you could be transported to a place where the noise and crush of Midtown Manhattan seem a world away? And if we told you that in that place, the perfect home was waiting just for you: filled with serenity, flooded with light, and resplendent in luxurious detail? And if this home could be yours for prices starting in the low $300’s? Presenting Island House on Roosevelt Island.
The Island House sales team at Corcoran Real Estate adds:
... Completely Renovated Studios to 4-Bedroom Co-op Apartments. Island House is a collection of homes with room to grow and space to breathe, with classically modern architectural detailing and unexpectedly luxurious fixtures and finishes.

Here, reinvented for the 21st century, a number of spacious, richly detailed homes are poised to enter the market for the very first time. Built during a time when ten-by-twelve was a bedroom, not a living room, Island House is a co-operative community with 24-hour doorman. These sun filled apartments have wide plank oak flooring, stainless steel kitchen appliances, spa-type bathrooms and crown molding throughout.

Many have truly spectacular views of the East River and Manhattan skyline.

Additional features include: *Quartz, granite marble finishes *Luxurious master baths *Generous built in closets *Access to fitness center and 20-meter lap pool *All Viking kitchen appliances *Wide plank oak flooring in walnut stain *All new insulated sliding windows. Roosevelt Island is experiencing a remarkable transformation, and Island House is your chance to own a little bit of heaven just 90 seconds from Manhattan.

This incredible proposition at Island House offers a lifestyle you may not have thought was possible in New York City: a tranquil oasis with instant access to the best of Manhattan, at amazing starter price.
I believe these are sponsored owned units and not those of current residents.

More on Island House from previous post and information on getting a mortgage for an Island House apartment purchase from this previous post.

UPDATE 5/29 - Gothamist
and Curbed:
report on the Island House co-op apartments for sale.


CheshireKitty said...

Can the building owner - also, the conversion sponsor - say the building is a coop before the AG has declared the conversion effective?

YetAnotherRIer said...

Huh. Bought for peanuts, sold for a million. Some people won the lottery.