Thursday, July 23, 2015

Changing Roosevelt Island Real Estate Market Profiled In NY Post - It's Not Your Grandmother's Roosevelt Island Says Hudson Developer David Kramer

The New York Post reported yesterday on the changing Roosevelt Island real estate landscape.

According to the NY Post:
... loaded with parks and without a single traffic light, two-mile-long Roosevelt Island has turned into a refuge for city dwellers seeking breathing room and relative affordability. Yet they still get to live just one 90-second F train stop — or a picturesque tram-car ride — away from the Upper East Side.

Starbucks recently opened on the island, plus a big-box pharmacy, sushi restaurant and art gallery called Riva have all opened in the past few years. David Kramer, a principal with real estate development firm Hudson Companies, gushes, “This is not your grandmother’s Roosevelt Island anymore. And it didn’t hurt that Hillary kicked off her presidential campaign here.”

With 326 units of luxury residential rentals and condos soon hitting the market, Roosevelt Island is becoming increasingly alluring for disillusioned Manhattanites and arrivistes to the city. It just might be the new “It” neighborhood for people looking to boost quality of life without going broke. ...
After reading the article, one resident remarked:
... A bit lopsided view of our changing island. 90 seconds to manhattan on the F train ? Not recently....
Click here for full NY Post article.

Image Of New Riverwalk Point (on right) and Riverwalk Place (on left)

July 20 Real Estate Weekly adds:
... The seventh addition to the Riverwalk neighborhood, which is a co-developed venture by Related and Hudson Companies on Roosevelt Island, Riverwalk Point is a 266-unit rental building which began leasing last month.

“You’ve got great transportation access,” continued Schmidt, who admitted that it can sometimes be a challenge to convince home-seekers that the island is in fact a part of Manhattan....
... The 266 studio to two-bedroom rentals start at $2,550 with junior one-bedrooms rising to $2,800 per month. They are followed by one-bedroom/one baths which register at $3,125, and two bedroom/one bath which are $4,225.

The top offerings, a two-bedroom/two bathroom is available for $4,875 a month....
Click here for full Real Estate Weekly article and here for Riverwalk Point web site.

A new Riverwalk resident explains why she moved to Roosevelt Island with her family saying:
... it's our own little quiet piece of heaven....

I spoke with David Kramer last August 2014 at the topping out ceremony for Riverwalk Point (Building 7). Here's what he had to say about the new building construction, plans for a large percentage of affordable housing to be included in future Riverwalk building 8

and the layout for Riverwalk Buildings 7-9.

The NY Post article also notes that the former Roosevelt Island Mitchel Lama Island House buildings are converting to co-ops:
... So far, 31 units have been gut-renovated and put on the market; 19 of them are sold. Of the 399 apartments in the complex, 160 will ultimately be purchased by outsiders; remaining units are being sold at insider prices to existing tenants or will stay as rentals....
More on the Island House conversion from this previous post.