Proposed Roosevelt Island Ground Lease Extension For Island House and Southtown Buildings 7-9 Ground Lease Modifications Back On Agenda For August 10 RIOC Board Real Estate Committee Meeting - In Executive Session Closed To The Public

 Image of Roosevelt Island's Island House Entrance

Reported previously that a proposed Island House Ground Lease Extension agenda item had been removed from the Roosevelt Island Operating Corp (RIOC) July 29 Board of Directors meeting and asked:

... how the removal of Island House Ground Lease Extension Agenda Item from tonight's RIOC Board Meeting effects the privatization/affordability plan for Island House's exit from Mitchell Lama program....

That question remained unanswered but modifications of Roosevelt Island building's ground lease are back on RIOC's agenda this week. The proposed Island House Ground Lease extension as well as the proposed Ground Lease modifications for Southtown Building 7 -9 are on the Agenda for RIOC's Real Estate Committee meeting this coming Friday. The meeting will be held in Executive Session which means that the public will not be able to attend the meeting. According to RIOC:

PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Friday, August 10, 2012 at 3:00 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.

AGENDA

1.Chair’s Motion for Executive Session to Review and Discuss:

a. Proposed Modifications to the Ground Lease for Island House;
b. Proposed Modifications to the Ground Lease for Southtown Buildings 7, 8 and 9; and

2. Any Other Committee Business That May be Brought Before the Committee.

More information on Island House Ground Lease Extension/privatization efforts available here. No additional information available on Southtown Ground Lease modification other than Hudson Related has previously announced plans for developing building 7 in early 2013 and:

... Southtown 7,8 & 9 – as noted in the budget for the past two years, the development of Southtown 7, 8 & 9 will have a significant impact on the future cash flow of the Corporation. The developer, Hudson/Related (HR) holds an option to develop the site that expires on December 31, 2012....

Stay tuned.