It's the Chinese New Year, Buy a Roosevelt Island Riverwalk Condo - But No Rent To Own or Price Protection Gimmicks Yet !

Celebrating Chinese New Year outside of Roosevelt Island Riverwalk Sales office

While walking around Roosevelt Island's Southtown Saturday afternoon, I wondered why I heard the sound of a pounding beat and saw costumed drummers, dancing dragons and people wandering around looking bewildered as they clutched their Chinese language newspapers.

Dragon and Costumed Drummers Taking a break outside of Riverwalk Sales Office

It turns out that the Hudson/Related developers of the Riverwalk Court Condo building were conducting a Chinese New Year - Buy a Roosevelt Island Condo event.

Sign announcing Chinese New Year Celebration at Riverwalk Court Condo

Riverwalk Court had been scheduled to open in January of 2009 but that has been pushed back to sometime in the spring. According to Streeteasy, 18 of the 123 units are in contract. During a recent RIRA Town Hall meeting, the RIOC CFO said that 40 of the 123 units are in contract.

An article in the 2/6/09 Epoch Times describes Roosevelt Island:

... It’s quiet, it’s safe, very close to nature, there’s birds and butterflies, big open space, you can sit under a tree and it’s like living right next to the city but not in the city,” said Heather Mosher, a Roosevelt Island renter and a mother for two years. “I love that, especially if you have a child.”

The problem for developers of Manhattan’s little secret, is just that—no one knows about it.

“Our biggest challenge is to get people to come to Roosevelt Island and once they’re there, they love it,” said David Kramer, principal at Hudson Companies, in an interview at his office near Union Square.

Hudson along with Related Companies are developing 19 acres of Roosevelt Island into prime Manhattan residential property for below-Manhattan prices...

What is pricing like at Roosevelt Island's Riverwalk Court? For instance, the Riverwalk Court web site lists a 14th floor 1 bedroom, 716 sq. ft apartment priced at $662,500 with monthly common charges of $831 and monthly taxes of $73. An eleventh floor 1123 square foot 2 bedroom apartment is priced at $880,000 with monthly common charges of $1256 and monthly taxes of $110. A seventh floor 3 bedroom 1433 square foot apartment is priced at $1,305,000 with monthly common charges of $1542 and monthly taxes of $135.

I had asked Mr. Kramer if the developers were considering a rent-to-own or price protection program that some other condo projects are employing to help improve sales. Mr. Kramer indicated that they were not going to use such gimmicks and thought that the Roosevelt Island Riverwalk Court condos were appropriately priced.