Monday, December 2, 2019

Roosevelt Island Nellie Bly Memorial, New Dog Run Location, Southtown Riverwalk Building 9 And Transfer Of Roosevelt Landings Equity Interest Among Agenda Items On December 4 RIOC Real Estate Development Advisory Committee Meeting

According to The Roosevelt Island Operating Corp (RIOC), the RIOC Real Estate Development Advisory Committee (REDAC) will meet Wednesday December 4. The following items are on the Agenda.

PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Wednesday, December 4, 2019 at 5:30 p.m. at the RIOC Operations Office, 680 Main Street, Roosevelt Island, New York.


Presentation regarding Memorial to Nelly Bly
Discussion of Dog Run Location
Discussion of Southtown Building 9 Closing Documents
Discussion of Transfer of Equity Interest regarding Roosevelt Landings
Any Other Committee Business That May be Brought Before the Committee
Some background on the Agenda items.

The Roosevelt Landings sale (valued at $340 Million as part of a $1.16 Billion multi apartment building portfolio sale) was approved by the RIOC Board of Directors during the October 17 Board meeting. According to this October 15, 2019 memo form RIOC President Susan Rosenthal in support of the Lease assignment, the new owner, L&M Fund Management:
... will enter into a Preservation Plan to preserve affordable housing at Roosevelt Landings, which will remain in effect throughout the remainder of the term of the Eastwood Lease. This plan will preserve 67% of Roosevelt Landings at rents ranging from 80% - 150% of AMI, with the remainder of the property at market rates. Tenants with market rate apartments at the time of closing will receive renewal leases with rent increases tied to the Rent Guideline Board increases, until these in-place tenants vacate their apartments. Section 8 and LAP (Landlord Assistance Program) tenants will remain in place....
... The Purchaser plans to perform over $25MM of capital improvements at Roosevelt Landings. These funds are financed with private capital coming from the Purchaser....
The new manager of the property will be C&C Apartment Management LLC replacing the current manager Urban American.

RIOC will receive a Transaction payment for the Roosevelt Landings lease assignment of $1,788,429.73.

Here's the discussion during October 17 RIOC Board meeting.

Representatives of the new Roosevelt Landings ownership (L&M Development) discussed the affordability plan during October 7, 2019 RIOC REDAC meeting.

Also, RIOC will be hosting a Nellie Bly Memorial Community Town Hall Meeting tomorrow December 3

Image From RIOC

And, the new dog run location has been the subject of controversy where some parents have objected to placing it in Blackwell Park close to areas where children play. Here's more info on the dog run issue and Southtown Riverwalk Building 9.