Is Roosevelt Island's 1003 Unit Roosevelt Landings Apartment Building For Sale By Brookfield Properties And Urban American - The Real Deal Says Yes

Reported August 15, 2014:

A change in ownership is coming to Roosevelt Island's 1003 unit Roosevelt Landings building complex currently owned by Urban American.

Brookfield Property Partners has acquired an interest in Urban American's Putnam Apartment Portfolio (approximately 4,000 units) which includes Roosevelt Landings on Roosevelt Island in a transaction valued in excess of 1 Billion Dollars

Sources who are familiar with the transaction confirmed that Urban American will continue to own the properties in partnership with Brookfield and will continue to operate and manage the buildings....

Real Estate news web site The Real Deal reported yesterday that Brookfield Properties Putnam Apartment Portfolio is up for sale again, including the Roosevelt Landings building on Roosevelt Island.

Brookfield’s listed its massive Putnam Portfolio with an asking price of $1.5Bhttps://t.co/aA2X2ozLLi

— The Real Deal (@trdny) March 11, 2019

According to The Real Deal:

... A teaser for the listing – now dubbed the Manhattan Apartment Collection – shows that the properties can be purchased as a portfolio, or as individual assets. It also points out that the assets are insulated from “likely tenant-friendly changes to New York rent-stabilization laws” because none of the apartments are stabilized....

However, any sale of the Roosevelt Landings building has to meet with the approval of the Roosevelt Island Operating Corp (RIOC) Board of Directors. RIOC is ground leaseholder of the property.

According to a September 10, 2014 Memo from former RIOC President Charlene Indelicato in support of the 2014 sale of Roosevelt Landings to Brookfield Properties, the buyer ("Assignee"):

 ...  is bound to comply with the HAP (Housing Assistance Payment) Contracts in effect with respect to tenants receiving Section 8 benefits. In addition, pursuant to The North Town Tenant Settlement Agreement, a “Landlord Assistance Program” is being provided to various tenants. North Town’s obligations under this Settlement Agreement and Landlord Assistance Program will be among the obligations assumed by Assignee at closing....

A Transaction fee based upon the sale value of Roosevelt Landings is due RIOC as well. RIOC received $2.7 million for the 2014 Roosevelt Landings sale based upon a Roosevelt Landings valuation of $272 Million.

Here's video showing portion of discussion by RIOC Real Estate Advisory Committee about the 2014 sale to Brookfield Properties.



More info on the 2014 sale of Roosevelt Landings to Brookfield Properties at this prior post.

I asked Urban American's Josh Eisenberg to confirm accuracy of The Real Deal's report of Roosevelt Landings being up for sale.

Have not received answer yet. Will update with any new info.

Listen to this interesting Behind the Bricks podcast discussion from February 2018 with Urban American's Phillip and James Eisenberg



about the NYC multi- family rental housing market.