Interview With Hudson Companies David Kramer On More Than A Quarter Century Of Roosevelt Island Real Estate Development - Take A Tour Of The New Hudson Related Riverwalk Heights Luxury Rental Building Too

In 1997 the Roosevelt Island Operating Corp (RIOC) designated a joint venture between the Hudson Companies and Related Companies (Hudson Related) to develop the Southtown area of Roosevelt Island with a 9 building development now known as Riverwalk. So began Hudson Companies developer David Kramer's

Image Of David Kramer Being Interviewed At Riverwalk Heights Rooftop Lounge

more than a quarter century relationship with Roosevelt Island. Mr Kramer has now seen completion of Riverwalk Heights, the ninth and final building of the Southtown project.

The Riverwalk Heights building includes staff housing on the first 8 floors for Memorial Sloan Kettering hospital employees, 7 thousand square feet of ground floor and below grade commercial office space for RIOC, 20 floors of market rate luxury rental apartments and an extension of the current Riverwalk Commons between Riverwalk Heights and Riverwalk Park buildings with outdoor recreational areas and 2 dog runs.

I recently met with Mr Kramer, took a tour of the new Riverwalk Heights building and spoke with him about his Roosevelt Island experience. According to Mr Kramer:

What are my thoughts? It's been a quarter century so I've had a lot of thoughts through the years. I don't think when we started in 1997 we had any vision it would end up as beautifully as it has with the types of buildings, with the success and variety we've had building nine different buildings. We've developed everything from condominiums to rental housing to affordable housing to staff housing for the hospitals and then we got involved with Cornell Tech and developed their residential tower so it's been a it's been a fun run. 

We feel very committed as Roosevelt Island stakeholders since we started and we may have saved the best for last. Riverwalk Heights is the tallest building, everything on the west side of Main Street is 16 stories and this building is 28 stories so it's got the best views. 

You're filming me now in the rooftop lounge and up here we have a lounge, a kitchen area that you can reserve to throw a private dinner party, we have a co-working space and a VR room so there's a lot of amenities up here. There's a lot of amenities down in the lower level next to the lobby including a half  [basketball] court, gym,  fitness room and kids lounge...

About the RIOC office space, Mr Kramer says:

... The ground floor we negotiated office space for RIOC. I forget what the backstory was, but part of it was "Hey come on RIOC you could use some nice classy modern office space".

Their old office space was pretty dumpy and as long as we were building new buildings it made sense that maybe we should negotiate something so that they would get a below market office rent and we were happy to have some of the first floor go to RIOC. So RIOC has two levels at the base of the building and I think they're moving in shortly...

I asked Mr Kramer about any future development opportunities on Roosevelt Island. Mr Kramer answered:

... We are stakeholders and we have really enjoyed being here. We know the Island. Never say never.  Right now the Island is built out per the terms of the General Development Plan which is the Lease between the City and the State so at this moment the only way that Hudson Related may get involved is on a subsequent phase of Cornell Tech.

But for the non-Cornell tech part of Roosevelt Island those of us who care about Roosevelt Island have talked about whether there are other development opportunities, whether it has to do with the Steam Plant building or I think the the City's planning to continue to maintain Colar as a hospital so I'm not sure exactly where there may be new opportunities. 

Should Roosevelt Island expand and have a higher residential population you know that's reasonable people can disagree. Certainly we've all seen the issues of the tram being crowded with tourists there's an issue of people getting on the subway in the morning....  you'd have to think through those issues...

As you know Hudson Related is also very involved in the retail leasing of the Island. With the exception of WestView we operate all the other retail on the Island so from the retailer's perspective, the Island could certainly use more foot traffic but  it's to be determines .... 

Mr Kramer added:

.... and the only way people will know what's happening is if they read their Roosevelt Islander blog to find out all the important information about the Island. 

Here's the full interview with Mr Kramer.

Mr Kramer also noted his first experience with Roosevelt Island was before Hudson Related was designated the Southtown developer. As he was running a Roosevelt Island  5K in 1996, he turned his head and noticed being cheered on by Al (Grandpa Munster) Lewis in the homestretch of the race.

Photo of Al Lewis with friends at Trellis Restaurant By Karen Lewis

During my tour with Mr Kramer, I also spoke with Riverwalk Heights Related Rentals Leasing Agent Lisa Ansari about the building. According to Ms Ansari:

Riverwalk Heights is our newest building. it's the ninth building with Related Hudson Venture. We are the also the tallest building so you have this amazing view of the city...   We have studios all the way up to two bedrooms. For two bedroom we have two types. Two bedrooms, one bath and two bedrooms two bath.

We have an amazing amenity space upstairs with rooftops and lounges ....  we also have additional areas where you have to pay an amenity fee. Our amenity fee is $50 per person per month. It includes the VR room, co-working space, we also have downstairs the gym and the kids room and the half basketball court...

... Studios range anywhere from our smallest one being around 430 square feet and the largest one around 560 square feet. Studio price ranges anywhere from around $3200 to $3,300 all the way up to a little over $4,000 for the premium corner studios.

For one bedroom we have square footage around 670 all the way up to about 750 square ft. Some are corner, some are not corner but they all have amazing views and the price range is around anywhere from around $41 or $4,200 and then of course the higher premium floors are 5,000 plus. 

The two bedroom one bath  starts around $61 or $6200 and they are approximately about

850 square feet and the two bedroom two bath which is facing south and west and  north,  that one is approximately 1075 square ft and price range right now they start around $6500 but right now we don't have very many left and the highest floor we have left is at $7280 on the 28th floor...

Here's Mr Kramer shooting hoops at the Riverwalk Heights indoor basketball court and the stunning views high above Roosevelt Island from the building's rooftop terrace. 

The Riverwalk Heights website and Instagram Page has more info on the building.

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Roosevelt Island Coler Hospital Is Not Closing, Real Estate Developent Rumors Are Untrue, Says NYC Mayor Eric Adams - Volunteer Opportunities Available With Coler Auxiliary To Help Make Life Better For Residents

There have been persistent rumors over the years of plans to close the NYC Health & Hospitals Corp (NYCHHC) Coler Hospital on Roosevelt Island for future real estate development. 

As reported in 2018:

The NYC Health & Hospital Corp Coler Hospital sits on prime East River waterfront land on the north end of Roosevelt Island.

Recently, there have been plenty of rumors about Coler Hospital closing and being put up for sale by New York City.Will Coler Hospital be closed and demolished for a new development - as was it's sister property, Coler Goldwater Hospital, for the Cornell Tech campus?...

The Daily News reported:

EXCLUSIVE: The last public hospital on NYC's Roosevelt Island could be closing soon https://t.co/RflBKqpBBl

— New York Daily News (@NYDailyNews) November 23, 2018

Prior to my  one-on-one interview with NYC Mayor Eric Adams earlier last week, I asked his office:

Is NYC HHC planning to close Coler Hospital within the next few years; and if so, why? 

Is the City, whether through NYC Economic Development Corp. or otherwise, contemplating the Coler hospital location - or any other RI location - for future development? 

If so, what purpose and use would the development serve? 

Does the NYC EDC include the Coler Hospital site, or any RI site, on any list of future development sites?

During the interview, Mayor Adams said that:

... the Hospital is not going to close. Those are rumors that people have stated. I think HHC is the best deal going in our city...

Click here for the full interview with Mayor Adams on Roosevelt Island issues. 

If you're interested in volunteering at Coler Hospital or just learning more about our neighbors who live at Coler, Judy Berdy invites you to join the Coler Community Board Auxiliary volunteers. According to Ms Berdy:

The Auxiliary provide all the services that the City and Hospital cannot provide. 

We provide entertainment, we provide things for the Units such as televisions. We provide some medical devices that are not covered by the hospital insurance. We provide parties for different occasions like this weekend, we're having a Mother's Day party. We're having a celebration on Monday for Juneteenth. At Christmas and Hanukkah time we give out gifts.

 We're a 501 C three not-for-profit and we are legally not part of the hospital. We work in coordination with the administration.... It's very important to fundraise for so that 500 residents there could get a better lifestyle and more different things to make life better...

Contact Ms Berdy for more info.

Update On Roosevelt Island Riverwalk Building 9 Construction Progress From Hudson Related Developer David Kramer - It's Going Up Fast, New Floor Of Concrete Poured Every 3 Days, Watch The Interview

Developer Hudson Related began construction on the 28 story Roosevelt Island Southtown Riverwalk Building 9 in November of 2022. 

I spoke with Hudson Related developer David Kramer last Monday at the building site about the construction progress. According to Mr Kramer, 

... We're now at the exciting stage of concrete where we pour a new floor every three days, so a three-day cycle. We're pouring the fifth floor tomorrow, which is Tuesday May 9th and we're pouring the sixth floor Friday and so basically, if you think about every three business days, we're pouring a different floor. We're getting to the top floor at the end of August. We're assuming we're going to top out this project at the end summer, end of August. 

Now this is sort of an exciting part of the construction where the concrete guys are really running the show and pouring a new floor every three days and they're followed behind by the plumbers, electricians, mechanicals and other subcontractors who will always be a few floors below where the concrete is poured....

.... Most important when we top out, we have a party and a Topping Out T Shirt... 

Mr Kramer anticipates Riverwalk Building 9 being completed by the end of 2024, beginning of 2025.

Here's the full interview with Mr Kramer.

and a photo montage showing the progress of construction at the site.

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 As previously reported:

... the lower eight floors of Riverwalk Building 9 will be acquired by Memorial Sloan Kettering Hospital for workforce housing and the upper 19 floors will be market rate rental apartments.

Building 9 will have combined 7 thousand square feet of ground floor and below grade office space for the Roosevelt Island Operating Corp with a separate entrance and signage....

... Hudson Related will create a Public Commons space between building 8 and 9 that will include a new dog run. picnic tables, grill stations, amphitheater steps, porch swings, hammocks and cherry grove as shown below....

More information on Hudson Related $187 million Riverwalk Building 9 project from this RIOC Memo

 and this November 17, 2022 post.

Beautiful Roosevelt Island East River Sunrise View This Morning Looking Over New Riverwalk Building Construction Site - View Will Soon Be Lost By New 28 Story Building

A Tipster shares beautiful Roosevelt Island East River sunrise this morning

 above the Riverwalk building 9 construction site.

Sadly for the Tipster and a few others, the view will soon be lost.

Here's more info on the $187 Million, 28 story, market rate rental building which will have 357 units including 104 workforce housing apartments for employees of Memorial Sloan Kettering and 7 thousand square feet of office space for the Roosevelt Island Operating Corp.

Construction Of Roosevelt Island Riverwalk Building 9 With 7 Thousand Sq Ft RIOC Office Space, Temporary Relocation Of Southtown Dog Run To Firefighters Field, Commercial Trash Facility Across From Subway & More Items On Agenda Of In Person RIOC Real Estate Committee Meeting October 19

The Roosevelt Island Operating Corp (RIOC) Board of Directors Real Estate Development Advisory Committee (REDAC) will meet in person for the first time since the start of the Covid Pandemic tomorrow, Wednesday October 19. 

According to the Roosevelt Island Operating Corp (RIOC):

PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Wednesday, October 19, 2022, at 4:00 PM at the RIOC Operations Office, 680 Main Street, Roosevelt Island, New York.

Among the items on the Agenda are the construction of Riverwalk Building 9 next to Firefighters field and the temporary relocation of the Southtown Dog Run to Firefighters Field during Building 9 construction. 

Image From RIOC

Also on the Agenda is installation of a permanent Southtown commercial trash enclosure in the area next to East Side Access ventilation tunnel across from the F train subway station..

Image From RIOC

The full RIOC REDAC Meeting Agenda:

• Entering into a Sublease with Hudson Related for the construction and operation of Southtown Building 9 
• Entering into commercial sub-sublease with Hudson Related for 7,000 sq. ft of office space in Southtown Building 9 to be occupied by RIOC and used as its principal business location 
• Relocation of the temporary Dog Run during the construction of Southtown Building 9 
• Partial closure of Firefighters' Field during the construction of Southtown Building 9 
• Temporary relocation of the crosswalk along Main Street adjacent to the site during the construction of Southtown Building 9 
• Approval of sewer and sanitary connections necessary for the construction of Southtown Building 9 and associated road work 
• Installation of a permanent enclosure for commercial trash produced by commercial tenants in Southtown 
• Steam Tunnel Design and Construction Work 

Here's more info on the Riverwqlk Building 9 development including video presentation by Hudson Related's David Kramer, Building 9 2019 ground lease rent deferral agreement between RIOC and Hudson Related and a community petition by some users of Southpoint Park objecting to the temporary relocation of Dog Run to Firefighters Field during the construction of Building 9.

According to the Save Firefighters Field petition organizer Rachel Dowling: 

 Putting a dog park in Firefighter Field is a ludicrous idea that will interfere with kids and adults using the field for sports. Flying soccer balls and dog parks don’t mix, and the dog park will create a dangerous situation for humans and dogs alike.

Shelton Haynes doesn’t care about the community of Roosevelt Island. He would rather sugar coat what he’s doing with meaningless platitudes like “It’s an exciting time to be a Roosevelt Islander” while we watch our quality of life being steadily eroded. Further, no explanation has been given for this last minute decision.

We have 300 signatures on our petition representing community members opposed to having a dog park placed in Firefighter Field. Why isn’t Haynes listening? We deserve leadership that takes our concerns to heart and recognizes the value of our most precious asset- open space,

Affordable Housing Lottery Application Opens Today For 313 Unit Roosevelt Island Riverwalk Park Building Developed By Hudson Related - Studios, 1,2,3 Bedroom Apartments Available From $506 To $3432 Depending On Income Range And Household Size

The lottery application for Roosevelt Island's new affordable housing building developed by Hudson Related  at 460 Main Street, known as Riverwalk Park,

opens today thru July 6. Riverwalk Park will have 313 units including apartments ranging in size and price of:

• Studios $506 - $1,961
• 1 Bedroom,$648 - $2,468
• 2 Bedroom &$791 - $2,974
• 3 Bedroom $909 - $3,432

Image From Riverwalk Park

Rents and corresponding household income ranges are based on 40%, 50%, 80%, 130%, 165% Area Medium Income (AMI). The AMI for a family of 4 in New York City is $113,700. Eligible incomes for Roosevelt Island Riverwalk Park range from  $20,298 (1 person studio) to $232,650 (7 person 3 bedroom) depending on apartment and household size.

The total number of Riverwalk Park affordable housing units appeared to have decreased from 340 as originally proposed to 313 units. A Related representative explains the reason:

There are a total of 340 residential units in the building, but the building will have 27 units set-aside for formerly homeless households. Those 27 units will not be available via the lottery process, because the City keeps a list of formerly homeless households that will be the only households eligible for initial lease-up of those units.

Here's the breakdown of Riverwalk Park affordable housing units by size,price and household number.

Read more »

Approval Of Construction Funding For FDR Hope Memorial Depicting President Franklin D Roosevelt In A Wheelchair On Agenda For RIOC Special Board Meeting November 12 - Also, Deferral Of Hudson Related Riverwalk Building 9 Rental Payment On Agenda Too

The Roosevelt Island Operating Corp (RIOC) is holding a Special Board of Directors meeting tomorrow, 5:30 PM November 11, at the Cultural Center (548 Main Street). Only 2 items are on the Agenda.

The first Agenda Item is deferral of rental payment from Southtown developer Hudson Related for the soon to start construction Riverwalk building 9 and the second is approval of construction funding by RIOC of the long delayed FDR Hope Memorial sculpture that depicts President Franklin Roosevelt sitting in a wheelchair.


FDR Hope Fundraiser from Burgeon & Flourish, LLC on Vimeo.

According to the RIOC November 12 Board Agenda

PLEASE TAKE NOTICE that a Special Meeting of the RIOC Board of Directors will be held on Tuesday, November 12, 2019 at 5:30 p.m. at the Cultural Center Theater, 548 Main Street, Roosevelt Island, New York, 10044.

AGENDA:

Approval of Deferral of Specified Rental Payment and Related Modifications for Southtown Development Building # 9 (Board Action Required)

Authorization to enter into Contract with Sea Crest Construction Corp. for construction services in Connection with the FDR Hope Memorial Project (Board Action Required)

Apparently, no public session prior to the Special Meeting.

According to this memo from RIOC Chief Financial Officer John O'Reilly to RIOC President Susan Rosenthal in support of deferring Hudson Related's rental payment of Southtown's Riverwalk Building 9 development:

The Southtown Plan and Project approved by the Board of Directors on September 22, 1999 included general requirements for the development of Building #9. Additional conditions of the development were outlined in five separate amendments to the development agreement.

As part of the Fifth Amendment to Development Agreement, Hudson Companies Incorporated & the Related Companies L.P. (Hudson/Related) was required to pay RIOC a Specified Rental Payment in the amount of $16,800,000 for Building 8. According to the terms, such payment was due on the Rental Commencement Date, but the developer could defer payment of the Specified Rental Payment until the earlier of (i) a period not to exceed thirty-six (36) months from the Rent Commencement Date, or (ii) developer’s sale of development rights under the Inclusionary Housing Program, set forth in section 23-90 of the New York City Zoning Resolution (ZR), and in either case, all unpaid Specified Rental Payment would bear simple interest at the rate of 4%.

Per the amendments to the development agreement, Rent Commencement Date is defined as “the earlier of (i) the date upon which one or more Temporary Certificates of Occupancy is issued by the New York City Department of Buildings for at least ninety percent (90%) of the Completed Units in the Building, and (ii) the second (2nd) anniversary of the date of this lease.”

For Building 9, the Fifth Amendment to Development Agreement states that the Specified Rental Payment “shall be equal a Blended Land Value of $152.33 per square foot floor area, minus $60 per square foot floor area, if the Ground Lease is signed in calendar year 2019”; that the Blended Land Value would increase annually, at a rate of 2.75%; and such payment would be due upon Substantial Completion of the project.

Unlike for Building 8, the development agreement does not provide a right to the developer to defer such payments. The Specified Rental Payment for Building 9 is estimated at $24,800,000.

Issue: Hudson Related is requesting that the Specified Rental Payment be deferred for 18 months from the Rent Commencement Date instead of Substantial Completion. Hudson Related is also asking that the definition of Rent Commencement Date be amended to “the earlier of (i) the date upon which one or more Temporary Certifications of Occupancy is issued by the New York City Department of Buildings for at least 90% of the Completed Units in the building; and (ii) 30 months from the signing of the ground lease.” Hudson Related is making such request due to the size of the building, it being larger than the other Riverwalk buildings; and because the construction is expected to last about 28 months. Moreover, the balance of payments from the institutional purchaser is scheduled to occur 12 months following the Rent Commencement Date, and the deferred payment would ensure that funds are available to Hudson Related from the institutional sale to pay the Blended Land Value payment due to RIOC. This request would also move the time in which ground rent would be due by 6 months.

In exchange for such request, Hudson Related has agreed to pay interest at a rate of 4.5% on the unpaid principal portion of the Specified Rental Payment until the end of the 18-month deferral period, when the principal and interest would be due in full.

Recommendation: Based on the above, we recommend the Board approve the request to modify the definition of the Rent Commencement Date, to defer the ground rent that will be due by 6 months; and to allow for an 18-month deferral on payment of the Specified Rental Payment from the Rent Commencement Date (instead of the date of Substantial Completion), at a 4.5% interest rate for the duration of that time period. As a result, RIOC would gain an interest income in the amount of $1,692,693.59 in addition to the principal amount owed.

Here's Hudson Related developer David Kramer talking about Riverwalk Building 9 during May 29, 2019 RIOC Real Estate Development Advisory Committee meeting.



Also, here's RIOC Assistant VP of Capital Planning & Projects Jonna Carmona-Graf memo to RIOC President Rosenthal in support of funding construction of the long awaited FDR Hope Memorial sculpture depicting President Franklin Roosevelt in a wheelchair.

Background: In 2010, when the Franklin & Eleanor Roosevelt Institute (FERI) sought approval from the Roosevelt Island Operating Corporation (RIOC) to build FDR Four Freedoms (FFP), the Roosevelt Island Disability Association (RIDA) protested the lack of representation of FDR as disabled in the park’s design. In response, FERI pledged $100,000 toward a sculpture project sponsored by RIDA that would portray FDR in his wheelchair at a site nearby. The Board of Directors approved the siting of the FDR Hope Memorial in Southpoint Park north of the Small Pox Hospital in May 2010.

Subsequent to the Board’s approval of the siting, RIDA formed a committee to solicit a call for Artists to commission a monument. This competitive selection process resulted in RIDA’s hiring of Meredith Bergmann. Following a period of extensive research, the two-person scene within the circular plaza was conceived and was presented to the community and other oversight groups such as NYC Public Design Commission, NYC Parks and NYC Community Board 8. Fabrication of the bronze statues commenced upon approval of these groups.

In April 2018, as RIDA did not have the funds to complete the project, RIDA requested the assistance of RIOC. Materials were submitted and approved by the Board authorizing RIOC to:

• a. Assume responsibility for the FDR Hope Memorial project execution estimated at a cost to RIOC of approximately $300,000; based upon an estimation prepared by Accu-Cost Construction Consultants, Inc. (Accu-Cost)
• b. Enter into an agreement with NYC Parks and Recreation (NYC Parks) for reimbursement of up to $150,000 in construction costs;
• c. Enter into an agreement with RIDA donating the statue to RIOC; and
• d. Procure Mt. Airy White granite and St. John’s granite from North Carolina Granite as a sole source.

Since the Board approval on April 18, 2018, a contract with NYC Parks was executed and registered with the NYC Comptroller’s office on July 12, 2019; an agreement with RIDA was executed and the sole source procurement of the granite pavers was initiated. The actual cost incurred for the stone was $175,088 vs. a budget of $193,147 (which includes contingency), yielding a savings of $18,059. We also moved forward with the development of contract documents for bidding purposes, including drawings and technical specifications. The artist’s team only prepared preliminary construction documents for the plaza. As such, RIOC engaged the services of an Architect of Record to complete the construction documents for bidding and issued a purchase order to the Lawrence Group, one of the Architecture/Engineering firms on our panel.

Final technical drawings and specifications were delivered to RIOC for review in June 2019. These contract documents were reviewed by the LiRo Group (RIOC’s Owner’s Representative) for completeness, constructability and estimating prior to issuing an RFP for construction services. The estimated value for work included in the RFP documents prepared by LiRo, is approximately $620,000.

Procurement: A request for proposals was advertised in the New York State Contract Reporter and RIOC website on August 26, 2019. Bids were due on October 10, 2019 and two proposals were received.

Contractor bid proposals were reviewed by Capital Planning & Projects and LiRo (Owner’s Representative). We assessed pricing included in the RFP bid proposals, the final cost estimate prepared by LiRo and the design estimate of approximately $300,000 provided to RIOC by the artist’s team and Accu-Cost.

Upon RIOC and LiRo’s review of the bid pricing and the Accu-Cost estimate we found essential scope items were not included in the Accu-Cost estimate, including demolition, lighting, fill, erosion control and concrete aggregate (an approximate value of $164,000). In addition, there was a variance in the quantity of pavers and general conditions costs were very low (an additional cost of approximately $263,000). We met with both contractors to understand their assumptions included in the pricing and requested clarifications.

The proposals were then reviewed by Capital Planning & Projects and LiRo (Owner’s Representative) and found to be fair and reasonable and in accordance with RIOC’s procurement guidelines. Sea Crest’s proposal was most responsive to the criteria set forth in the RFP and was within industry range of the LiRo estimate of $620,000.

Recommendation: Based on the above, RIOC Capital Planning and Projects recommends subject, to the satisfaction of all contracting requirements, that the Board of Directors authorize and approve entering into contract with Sea Crest Construction Corporation to provide Construction Services for the FDR Hope Memorial Project for a total amount of $650,000 with a 5% contingency of $32,500 bringing the total authorized not-to-exceed amount to $682,500. We expect construction work to be complete within four (4) months.

More on the FDR Hope Memorial at their web site.

Update On Roosevelt Island 340 Unit Riverwalk 8 Affordable Housing Building - Developer Hudson Related Announces Topping Out, Opening Winter 2021 With Rents From $505 For Studio To $3431 For Three Bedroom

According to a press release excerpt from Roosevelt Island real estate developer Hudson Related:

Related Companies and The Hudson Companies today announced the topping out of Riverwalk Park, a 100 percent affordable, 340-unit building at 460 Main Street on Roosevelt Island. Related and Hudson broke ground on the 21-story building in January. Riverwalk Park, planned as an Enterprise Green Communities Certified building, is the first newly constructed, permanently affordable housing ever developed on Roosevelt Island, is expected to be completed in 2021, bringing much needed affordable, middle-income and workforce housing to the Island and New York City....

.... The building contains 81 studios, 158 one-bedrooms, 51 two-bedrooms, and 50 three-bedrooms. The application process will launch in 2020 through Housing Connect – New York City’s housing lottery system. Depending on family and apartment size, income-level based rents will vary from a minimum of $505 a month for a studio to $3,431 for a three-bedroom....

Image Today Of Roosevelt Island Riverwalk Building 8 Under Construction

As reported last June 6:

... The Roosevelt Island Operating Corp (RIOC) Real Estate Development Advisory Committee met May 29 to receive a status update from Hudson Related Southtown Riverwalk Buildings 8 & 9 Developer David Kramer and colleague Jamar Adams.

According to Mr. Kramer, construction of the 21 story Riverwalk 8 is on schedule with expected completion in 4th quarter of 2020. Currently, 1 floor is being done every 3 days and topping out is planned for July.

As previously disclosed, Riverwalk Building 8 will have a 50% community preference for the affordable housing lottery. The preference is for residents residing in Community Board 8 which includes Roosevelt Island and the Upper East Side. Efforts to have the community preference limited to Roosevelt Island residents only has so far been unsuccessful, although both Mr. Kramer and RIOC have said they would love to do it if allowed by their financing agreements.

Building 8 will also include mobility impairment and municipal employees lottery preferences.

Hudson Related will begin Building 8 marketing efforts starting this summer with a web site that will show unit types, area medium income ranges and projected rents.

In late spring/summer 2020 Hudson Related will begin local media advertising, distribute flyers and conduct informational seminars on how to apply for the affordable housing units using NYC Housing Connects. 4 months prior to the expected start of unit leasing, the Housing Connects lottery will commence. Leasing is expected to begin in December 2020/January 2021.

Building 8 will offer same services amenities as other Riverwalk building except there will be no outdoor rooftop deck....

Also reported last April 17:

BUILDING 8 GROUND LEASE TERMS

Under the Building 8 Ground Lease

• (i) 3% of the 341 units will be reserved as Homeless Units, 
• (ii) 3% of the units will be reserved for very low-income families with household incomes of 40% of AMI, 
• (iii) 14% of the units will be reserved for families with household incomes of 50% of AMI, 
• (iv) 10% of the units will be reserved for families with household incomes of 80% of AMI, 
• (v) 20% of the units will be reserved for families with household incomes of 100% of AMI, and
•  (vi) 50% of the units will be reserved for families with household incomes of 130% of AMI. 

This breakdown provides an even greater degree of affordability than was set forth in the Fifth Amendment.

NYC 2019 Area Medium Income (AMI) for a single person is $74,700. For a family of 2, AMI is $85,400 and for a family of 4, AMI is $106,700. 

Here's video of the full RIOC Real Estate Committee discussion with Hudson Related about Riverwalk buildings 8 as well as building 9 which is scheduled to close at end of 2019 and construction to start soon thereafter. Building 9 will be a market rate rental that will include staff housing for an Upper East Side medical institution.



Below is the full Hudson Related Roosevelt Island Riverwalk building 8 press release:

Related Companies and The Hudson Companies today announced the topping out

Images from Kayla Parker

of Riverwalk Park, a 100 percent affordable, 340-unit building at 460 Main Street on Roosevelt Island.

Images from Kayla Parker

Related and Hudson broke ground on the 21-story building in January. Riverwalk Park, planned as an Enterprise Green Communities Certified building, is the first newly constructed, permanently affordable housing ever developed on Roosevelt Island, is expected to be completed in 2021, bringing much needed affordable, middle-income and workforce housing to the Island and New York City.

Images from Kayla Parker

“The realization of Riverwalk Park is the continuation of Related’s nearly half century commitment to affordable housing and a focus on creating housing opportunities for all New Yorkers,” said Bruce Beal Jr., President of Related Companies.

“We started the development of the Riverwalk neighborhood in 1997, and we’re excited to add to this wonderful neighborhood of affordable housing, rentals, condominiums and housing for non-profit institutions,” said David Kramer, President of The Hudson Companies.

“Hudson is proud to reach this major milestone for our eighth building with Related in the Riverwalk neighborhood," said Alex Kaplan, Project Manager of The Hudson Companies. "Roosevelt Island is a unique and beautiful place and now 340 more families will be able to call the area home.”

Jamar Adams, Vice President of Related Companies added, “This beautiful new building will offer critical housing to our City’s working families and continue to support Roosevelt Island’s renaissance as a vibrant diverse community.”

The $135.8 million Riverwalk Park project was funded through a $19.8 million permanent subsidy loan provided by New York City Department of Housing Preservation and Development, $12.9 million in new volume cap exempt bonds provided by New York City Housing Development Corporation, and a $12.5 million loan from New York State Homes and Community Renewal under its Homes for Working Families program. Citi Community Capital served as the project's senior lender. Sixty percent of Riverwalk Park’s units will be permanently affordable, with the remaining 40 percent affordable for 40 years.

Designed by Handel Architects, Riverwalk Park will house a mix of studio, one-, two-, and three-bedroom apartment homes, and offer a full suite of amenities to its residents. The building contains 81 studios, 158 one-bedrooms, 51 two-bedrooms, and 50 three-bedrooms. The application process will launch in 2020 through Housing Connect – New York City’s housing lottery system. Depending on family and apartment size, income-level based rents will vary from a minimum of $505 a month for a studio to $3,431 for a three-bedroom.

Riverwalk Park is the eighth building developed by Related and Hudson in the Riverwalk neighborhood of Roosevelt Island. As part of the project, the development team, in partnership with Monadnock Construction, will also oversee renovation of Firefighters Field on Roosevelt Island, which includes a field relocation, the installation of park lighting, and the construction of a new neighborhood comfort station. Riverwalk Park, Firefighters Field and a comfort station are located adjacent to the recently opened Astoria Ferry Line.

UPDATE 7:50 - The waiting list for 25 affordable housing units in Riverwalk Building 4 is open too.