Monday, February 5, 2024

Pioneering Roosevelt Island Family Sell Rivercross Co-op Apartment For Record Breaking $2.09 Million After 47 Years Of Ownership - What Happened To The Roosevelt Island Affordable Housing Experiment?

The  NY Post reported on February 2:

... At the Rivercross co-op, which stands at 531 Main St., unit 321 traded hands last week for $2.09 million — dethroning the previous record held by unit 10M at 455 Main St., which sold for $2 million in 2019.... The just-sold Rivercross home had asked $2.49 million when listed. The unit had long been home to the Enock family. This transaction marks the end of nearly five decades of their ownership.

The Enocks — led by the late patriarch David, the late matriarch Wanda, and their sons Christopher and Matthew — were pioneers on Roosevelt Island, being the very first family to call the Rivercross complex their home when they paid $27,000 for their co-op apartment and took up residence in September 1976....

Click here for the full NY Post article.

The 1900 square foot apartment has 4 bedrooms, 3 baths and a balcony.

Roosevelt Island resident and listing agent for this apartment sale at the Rivercrosss building, Kaja Meade, adds:

The Island is a great place to live and relatively afforable (by Manhattan standards). The Enochs are evidence that people who buy on Roosevelt Island love it and stay. There's also opportunities on Roosevelt Island across all price points and all have access to the same great amenities and views. As a resident myself, I love living here and know all its advantages - and I'm always happy to connect and show folks or educate people who may be new to Roosevelt Island. 

The Roosevelt Island Rivercross Co-op was built in 1975 under the NY State Mitchell Lama affordable housing subsidy program. A 1977 NY Times article headline declares:

Roosevelt I Coop Buyers Eager For Utopia To Begin

As reported December 3, 2013, the Rivercross Co-op voted to approve a market rate privatization plan and exit the Mitchell Lama program imposing a transfer fee on first time sales:

... equal to 45% of the difference between the gross selling price of the apartment and the Mitchell-Lama price of the apartment....

Here's what Roosevelt Island was like for the pioneering residents of the 1970's who benefited from the Mitchell Lama affordable housing program.

 

The Neighborhood Slice TV program in 2014 profiled an early Roosevelt Island pioneering resident, Sande Elinson, who moved here with her family in 1977. 

Ms. Elinson notes that Roosevelt Island:

... was all affordable. That was the whole reclaiming this and keeping people in the city. Keeping the middle class and then all these families, all these kids, we would sit in the parks and we realize, boy, we could set up a  baby sitting coop, a little league, an artists association a garden...

... What was available to us in 1976 on a teacher's income is not available now but the new buildings have young families in them....

... It's heaven... a beautiful wonderful place still to live. 

 

As reported in April 2023:

Roosevelt Island was built by government in the 1970's as an experiment in developing affordable housing for a multi-income, multi racial and disabled population. What happened to the Roosevelt Island housing experiment from the 1970's to today is the subject of an excellent piece of journalism by the Plot Of Land Podcast. The reporters of this 2 part series are Melissa Fundira who grew up on Roosevelt Island and Jameela Hamond....  

In 2020 reported:

You Tuber Black In The Core visited Roosevelt Island recently and made an excellent video report on Roosevelt Island history and current issues of affordability and gentrification....

One does not necessarily have to agree with all of the reporting in this video but the issues raised of gentrification and affordability are real....

In October 2020, developer Hudson Related opened Riverwalk Park which had over 70 thousand lottery applications for a rental apartment in the 340 unit affordable housing building.

Here's more on the past hard fought efforts to negotiate affordability plans for the privatization of the former Westview, Island House and Rivercross Roosevelt Island Mitchell Lama buildings.

There are currently 16 one bedroom income restricted affordable apartments for rent at the Westview building. The deadline to submit applications is February 28.

By ROOSEVELT ISLANDER at 5:28:00 PM

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