Thursday, May 28, 2020

Sneak A Peak Inside $4600 Roosevelt Island 2 Bedroom Apartment For Rent - How Has NYC Coronavirus Pandemic Shutdown Effected Roosevelt Island Residential Real Estate Market, Are You Staying Or Looking To Get Out?

Take a look at this 2 bedroom, 2 bath rental apartment at what looks to be the Riverwalk Court Condo building at 415 Main Street.

According to Cash Jordan, the broker in You Tube video:

Manhattan, its where the action is and living here is very convenient but this convenience comes at a cost because Manhattan is loud there's lots of noise and it's not exactly peaceful and that pretty much goes for all of Manhattan except for one specific neighborhood where you can have peace and quiet while still living in New York City's most popular borough. I'm not talking about the Upper West Side I'm not talking about the Upper East Side and I'm certainly not talking about anything downtown. I'm talking about Roosevelt Island....

... This feels like a park with hotels on it. It definitely doesn't feel like downtown or Midtown or even uptown. This seems like a really nice place to live...'s just one block from the subway and it's right next to the sky rail
I asked Roosevelt Island resident and real estate agent Kaja Meade:
How has the Coronavirus Pandemic and NYC shutdown effected the Roosevelt Island real estate market?
Ms Meade replied:
There is not enough data to say definitively. Overall activity in the real estate market, and on Roosevelt Island, is lower compared to past years - due to the city policies affecting the ability to do business as usual. Most landlords or owners on the island are on pause. However, there is still activity throughout the city. Over the past couple weeks things in NYC have begun to heat up. People are signing leases on Roosevelt Island.

Overall people should not expect rental prices to dip much. At least not in the long term. I think what folks can expect are an increase in concessions to spike interest and bring clients.

I think what’s important to remember is that this crisis is not based on the housing market/industry, and that NYC is NYC. Even though some (if not many) folks are considering relocating… there will always be people that want to come to the city.

If people are hoping for a fire sale of properties, I think they might be disappointed overall. Based on anecdotal reporting it seems like homes for sale might see some negotiability up to 10% up or down (but even that number is high.) However – if units were overpriced going into this pandemic, those will likely see a bigger adjustment. It just depends on the product. The overall inventory is much lower than it normally is going into the summer season.

Mortgage rates are also still low. It will be interesting to see what happens in the next few months. Chances are people that were thinking about making a purchase will be motivated now. Conversely, we’ve seen that areas outside of the city have seen an increase in interest. It will be interesting to see how the current low inventory in the city, and potentially higher demand will suss out. Or, if people take advantage of the summer market, and the lift in the stay home policies, to list their apartments before the 2nd wave.

As a Roosevelt Islander I am both bias and optimistic because the island has always offered what now has become the most desirable amenity in NYC… Green space. Many of the units on the island have real terrace space, most have views. However, the ability to be outside and not have to worry obsessively about social distancing is profoundly unique to our proximity to the city. Personally, I’ve already seen that people are noticing and interested in learning more about the island.

So, I think in the future the “separate but nearby” aspect of the Island might actually be what creates a organic increased interest in Roosevelt Island living. I realize that this might not be welcome news to everyone’s ears (especially those that have loved the speak easy nature of our home…) However, if the past few months have taught us anything it’s that change is constant, and to expect the unexpected.

I believe that our capacity as an island community that relishes our abundant natural environment, rich history, and commitment to each other as neighbors and community can pivot with any change and that we have all the resources together to thrive under pressure.
It will be interesting to see in the coming months if current Roosevelt Island residents wish to stay here with the impact of Coronavirus on NYC life probably with us for the foreseeable future, and if newcomers are willing to rent or buy here because of it's relative safety of open spaces and less density than other NYC neighborhoods.

Twitter had an interesting conversation about impact of Roosevelt Island Operating Corp (RIOC) governance on Roosevelt Island's family friendliness as a place to live.