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Tuesday, August 13, 2019

Update On Roosevelt Island 340 Unit Riverwalk 8 Affordable Housing Building - Developer Hudson Related Announces Topping Out, Opening Winter 2021 With Rents From $505 For Studio To $3431 For Three Bedroom

According to a press release excerpt from Roosevelt Island real estate developer Hudson Related:

Related Companies and The Hudson Companies today announced the topping out of Riverwalk Park, a 100 percent affordable, 340-unit building at 460 Main Street on Roosevelt Island. Related and Hudson broke ground on the 21-story building in January. Riverwalk Park, planned as an Enterprise Green Communities Certified building, is the first newly constructed, permanently affordable housing ever developed on Roosevelt Island, is expected to be completed in 2021, bringing much needed affordable, middle-income and workforce housing to the Island and New York City....

.... The building contains 81 studios, 158 one-bedrooms, 51 two-bedrooms, and 50 three-bedrooms. The application process will launch in 2020 through Housing Connect – New York City’s housing lottery system. Depending on family and apartment size, income-level based rents will vary from a minimum of $505 a month for a studio to $3,431 for a three-bedroom....
Image Today Of Roosevelt Island Riverwalk Building 8 Under Construction

As reported last June 6:
... The Roosevelt Island Operating Corp (RIOC) Real Estate Development Advisory Committee met May 29 to receive a status update from Hudson Related Southtown Riverwalk Buildings 8 & 9 Developer David Kramer and colleague Jamar Adams.

According to Mr. Kramer, construction of the 21 story Riverwalk 8 is on schedule with expected completion in 4th quarter of 2020. Currently, 1 floor is being done every 3 days and topping out is planned for July.

As previously disclosed, Riverwalk Building 8 will have a 50% community preference for the affordable housing lottery. The preference is for residents residing in Community Board 8 which includes Roosevelt Island and the Upper East Side. Efforts to have the community preference limited to Roosevelt Island residents only has so far been unsuccessful, although both Mr. Kramer and RIOC have said they would love to do it if allowed by their financing agreements.

Building 8 will also include mobility impairment and municipal employees lottery preferences.

Hudson Related will begin Building 8 marketing efforts starting this summer with a web site that will show unit types, area medium income ranges and projected rents.

In late spring/summer 2020 Hudson Related will begin local media advertising, distribute flyers and conduct informational seminars on how to apply for the affordable housing units using NYC Housing Connects. 4 months prior to the expected start of unit leasing, the Housing Connects lottery will commence. Leasing is expected to begin in December 2020/January 2021.

Building 8 will offer same services amenities as other Riverwalk building except there will be no outdoor rooftop deck....
Also reported last April 17:
BUILDING 8 GROUND LEASE TERMS

Under the Building 8 Ground Lease
  • (i) 3% of the 341 units will be reserved as Homeless Units, 
  • (ii) 3% of the units will be reserved for very low-income families with household incomes of 40% of AMI, 
  • (iii) 14% of the units will be reserved for families with household incomes of 50% of AMI, 
  • (iv) 10% of the units will be reserved for families with household incomes of 80% of AMI, 
  • (v) 20% of the units will be reserved for families with household incomes of 100% of AMI, and
  •  (vi) 50% of the units will be reserved for families with household incomes of 130% of AMI. 
This breakdown provides an even greater degree of affordability than was set forth in the Fifth Amendment.
NYC 2019 Area Medium Income (AMI) for a single person is $74,700. For a family of 2, AMI is $85,400 and for a family of 4, AMI is $106,700. 

Here's video of the full RIOC Real Estate Committee discussion with Hudson Related about Riverwalk buildings 8 as well as building 9 which is scheduled to close at end of 2019 and construction to start soon thereafter. Building 9 will be a market rate rental that will include staff housing for an Upper East Side medical institution.



Below is the full Hudson Related Roosevelt Island Riverwalk building 8 press release:
Related Companies and The Hudson Companies today announced the topping out

Images from Kayla Parker

of Riverwalk Park, a 100 percent affordable, 340-unit building at 460 Main Street on Roosevelt Island.

Images from Kayla Parker

Related and Hudson broke ground on the 21-story building in January. Riverwalk Park, planned as an Enterprise Green Communities Certified building, is the first newly constructed, permanently affordable housing ever developed on Roosevelt Island, is expected to be completed in 2021, bringing much needed affordable, middle-income and workforce housing to the Island and New York City.

Images from Kayla Parker

“The realization of Riverwalk Park is the continuation of Related’s nearly half century commitment to affordable housing and a focus on creating housing opportunities for all New Yorkers,” said Bruce Beal Jr., President of Related Companies.

“We started the development of the Riverwalk neighborhood in 1997, and we’re excited to add to this wonderful neighborhood of affordable housing, rentals, condominiums and housing for non-profit institutions,” said David Kramer, President of The Hudson Companies.

“Hudson is proud to reach this major milestone for our eighth building with Related in the Riverwalk neighborhood," said Alex Kaplan, Project Manager of The Hudson Companies. "Roosevelt Island is a unique and beautiful place and now 340 more families will be able to call the area home.”

Jamar Adams, Vice President of Related Companies added, “This beautiful new building will offer critical housing to our City’s working families and continue to support Roosevelt Island’s renaissance as a vibrant diverse community.”

The $135.8 million Riverwalk Park project was funded through a $19.8 million permanent subsidy loan provided by New York City Department of Housing Preservation and Development, $12.9 million in new volume cap exempt bonds provided by New York City Housing Development Corporation, and a $12.5 million loan from New York State Homes and Community Renewal under its Homes for Working Families program. Citi Community Capital served as the project's senior lender. Sixty percent of Riverwalk Park’s units will be permanently affordable, with the remaining 40 percent affordable for 40 years.

Designed by Handel Architects, Riverwalk Park will house a mix of studio, one-, two-, and three-bedroom apartment homes, and offer a full suite of amenities to its residents. The building contains 81 studios, 158 one-bedrooms, 51 two-bedrooms, and 50 three-bedrooms. The application process will launch in 2020 through Housing Connect – New York City’s housing lottery system. Depending on family and apartment size, income-level based rents will vary from a minimum of $505 a month for a studio to $3,431 for a three-bedroom.

Riverwalk Park is the eighth building developed by Related and Hudson in the Riverwalk neighborhood of Roosevelt Island. As part of the project, the development team, in partnership with Monadnock Construction, will also oversee renovation of Firefighters Field on Roosevelt Island, which includes a field relocation, the installation of park lighting, and the construction of a new neighborhood comfort station. Riverwalk Park, Firefighters Field and a comfort station are located adjacent to the recently opened Astoria Ferry Line.
UPDATE 7:50 - The waiting list for 25 affordable housing units in Riverwalk Building 4 is open too.

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