Roosevelt Island Apt for Sale 531 Main St APT 1411, (Rivercross Building)
New York, NY 10044 1 bed 1.5 bathroom approximately 1000 square feet.
$700,000.
Sold By Owner.
Open House This Weekend 4-6:30 PM Saturday, February 22 and 1-3:30 PM
Sunday February 23. Contact oneminedbeta@gmail.com
To View
Bright, high floor 1 bedroom, 1.5 bath (convertible to 2 bedrooms) at
Rivercross,
a full-service, luxury coop on Roosevelt Island.
Approximately 960+ SqFt of generous living space easily converts to a
second small bedroom/ home office / guest room.
Good condition throughout, excellent closets (seven in all.) All new
casement windows offer excellent light, river, bridge and skyline views,
and magical nighttime views of the Chrysler and Empire State
Buildings.
Convenient to local shopping, casual restaurants, and outdoor sport
venues, and just three minutes to Manhattan, one stop on the F train or
the Tram using your MetroCard. % minute walk to Ferry. Maintenance
includes electric, gas, heat and A/C. Gym, Pool, Common Room, Playroom,
Balcony, and Paid Storage options.
Kaja, who also owns an apartment and lives on Roosevelt Island, is involved in
over a third of the property sales transactions for Roosevelt Island. Her
intimate knowledge and affection for its offerings ensure that she guides
clients towards their ideal island home with expertise and enthusiasm. Living
and breathing the island life herself, Kaja's not just about selling
properties; she's all about helping folks find their perfect corner of this
unique NYC gem, deeply appreciating what Roosevelt Island livable charm has to
offer as a cozy, community-centric spot in the big city.
As a long-time resident and real estate agent on Roosevelt Island, I've
had the privilege of witnessing the island's transformation over the
years. From its beginning as a haven for innovative and affordable housing
to its emergence as a vibrant, growing, and diverse community, Roosevelt
Island continues to surprise and delight its residents with its unique
lifestyle.
One of the best-kept secrets of living on Roosevelt Island lies within its
co-op buildings – their distinctive
duplex apartments.
When I first moved to the island and began my search for the perfect home,
I was unaware of the existence of these hidden gems. It wasn't until a
fellow Roosevelt Islander mentioned them in passing that I became
intrigued.
I remember the excitement I felt when I learned about these multi-story
homes. The idea of having two levels of living space in a cooperative
building was a revelation to me. At the time, only a handful of duplex
units had surfaced on the market, and they were snapped up almost as soon
as they appeared.
Luckily, my perseverance paid off, and my family and I were able to secure one of these coveted apartments. The process of renovating and personalizing our new duplex truly made Roosevelt Island feel even more like home to us.
Now, as a real estate agent, I am thrilled to share that there are currently four 3-bedroom duplexes available for purchase within Island House and Rivercross. These special residences offer the perfect blend of space, comfort, and convenience, making them ideal for anyone seeking a unique living experience.
The asking prices for these apartments range from $1,150,000 to $2,195,000, depending on factors such as location, views, and amenities. One of the units boasts a washer and dryer, while another features a balcony – perfect for enjoying the breathtaking views of the East River and Manhattan skyline.
Two of the duplexes have been fully renovated and are move-in ready, while the other two have been freshly updated, allowing buyers to add their personal touch to the space. Regardless of their current condition, all four units offer stunning views and ample natural light across two floors, creating a serene and inviting atmosphere.
One of the standout features of duplex living is the separation of living space and sleeping quarters. With the bedrooms located downstairs and the living area upstairs, occupants can enjoy peace and privacy without the disturbance of noise from neighbors above. It's a small but significant detail that enhances the overall quality of life for residents.
If you've ever been curious about duplex living or have considered making Roosevelt Island your home, now is the perfect time to explore your options. Whether you're drawn to the convenience of co-op living or the allure of duplex space, these units offer something for everyone.
If you're interested in scheduling a viewing or learning more,
please don't hesitate to reach out.
As a resident and local real estate agent on Roosevelt Island, I'm here to
help you find the perfect home that suits your lifestyle and preferences.
Discover the hidden gem of duplex living on Roosevelt Island – where
modern convenience meets classic charm in the tranquil heart of New York
City.
... 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....
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.
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.
... 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.
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....
NY’s Roosevelt Island was imagined as an idyllic, multi-racial, multi-income
community. In episode 6 of
#PlotofLand
we talk to current-day & displaced residents & look back at the
decisions that created & dismantled housing as a human right. 🎧
https://t.co/4p7vHlZpzapic.twitter.com/yscZVIGfhH
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.
I learned from several Roosevelt Island Rivercross building tipsters this past
weekend that the
NYC Health Department
confirmed 2 cases of Legionnaires Disease among its residents....
...The health and wellness of our residents and staff is paramount, and we
are fully collaborating with the Health Department and our environmental
professionals to ensure that we take all necessary steps to comply with
this investigation, test our building water distribution systems, and are
prepared to implement any required health remediating measures as directed
to do so.
This investigation is being driven by the Department of Health and we
remain committed in our efforts to expeditiously complete this process and
eliminate Rivercross as the possible source for these cases.
This evening, the Rivercross building management sent out an update to residents:
Rivercross - Legionella Update
Re: Legionella Update
Dear Rivercross Residents and Staff:
As we previously advised you, we had preliminary hot water culture tests taken in our common areas in advance of the broader testing which will be required by the Department of Health (DOH). The results of those tests have come back and show traces of Legionella bacteria.
We have shared the results with the DOH and are awaiting their instructions for scheduling a second community meeting with our residents as part of their communication protocol. We will notify all residents as soon as the meeting is scheduled (likely early next week).
We and our environmental consultant have already submitted a Water Sampling Plan to the DOH, which has been reviewed and commented on by the DOH. Our environmental consultant will be submitting a revised Water Sampling Plan tomorrow incorporating DOH's comments. We and our environmental consultant are also working on a Remediation Plan and have requested the DOH to expedite approval of the Remediation Plan. The DOH has indicated that they will work with us, subject of course to their vetting process.
We and our environmental consultant have also received proposals from qualified remediation companies and are ready to implement water disinfection in the building upon receiving approval of a Remediation Plan from the DOH.
In the interim, please continue to adhere to the DOH's recommended guidelines. These guidelines recommend that residents, particularly those that are age 50 or older (especially those who smoke or vape), have chronic lung disease, have a weakened immune system or take medicines that weaken their immune system, take extra steps in their apartments as a precaution to minimize exposure to water vapor (mist):
Do not take a shower — not even a cool shower — since it could create water vapor (mist). Instead, take a bath, but fill the tub slowly. Try to minimize your time in the bathroom while the tub is filling.
If you do not have a bathtub, minimize water vapor (mist) with the following:
If you have a shower wand, remove the shower head from the shower wand and use this to fill a bucket slowly. Use the bucket as your water source. Also consider filling the bucket from a sink source, letting the water flow slowly.
If a bucket is impractical and you do have a shower wand, remove the shower head from the shower wand and use this at a low flow, turning it off when not needed. Residents can contact the door station at 212.751.6843 or enter a building link work order to have building staff assist you with this.
It is fine to wash dishes but fill the sink slowly to avoid creating mist.
It is fine to wash hands but let water flow slowly to avoid mist.
It is fine to drink cold water from the tap but start with cold water when heating water for tea, coffee, or cooking.
Additionally, as a reminder, if you fall into any of these risk groups and are experiencing symptoms associated with a cold, pneumonia or COVID, you should notify your health provider immediately and request a test for Legionella since it may take several days to get the results. Legionella infections are treatable with antibiotics and expedient diagnosis is best.
I learned from several Roosevelt Island Rivercross building tipsters this past
weekend that the
NYC Health Department
confirmed 2 cases of Legionnaires Disease among its residents.
Yesterday, I asked the Rivercross Co-op building Board of Directors/Building
Management:
I understand that NYC Health Dept informed Rivercross building management of
2 Legionnaires disease cases among residents.
Is that true?
Today, Rivercross Board Of Directors/Building management replied:
The Management and the Board of Rivercross Tenants’ Corp. (Rivercross) are
in receipt of an order from the Commissioner of the NYC Department of Health
and Mental Hygiene (the Health Department). The order indicates that the
Health Department has received reports of two persons with Legionnaires’
disease residing at 531 Main Street who may have been exposed to water
containing Legionella in a 12-month period.The source of the residents'
illness is unknown.
The health and wellness of our residents and staff is paramount, and we
are fully collaborating with the Health Department and our environmental
professionals to ensure that we take all necessary steps to comply with
this investigation, test our building water distribution systems, and are
prepared to implement any required health remediating measures as directed
to do so.
This investigation is being driven by the Department of Health and we
remain committed in our efforts to expeditiously complete this process and
eliminate Rivercross as the possible source for these cases.
Below is the October 20 message from the Rivercross Board/Management to
residents and October 19 NYC Health Department notice about the Rivercross
Legionnaires diseases cases.
In 2018, CBS New York
reported on a NYC Health Department Legionnaires disease investigation in the
Bronx at Coop City.
Residents report being told at Zoom informational meeting last night that
the Legionnaires' disease building investigation is estimated to take about
2 weeks.
UPDATE 10/25 - According to a Rivercross resident, those attending the Zoom meeting on Monday evening were told:
... the 2 cases were diagnosed in July 2023 AND September 2023 but no exact dates given....
74 year old senior citizen Kathleen Kovach is a resident owner since 1977 of the Roosevelt Island Rivercross Co-op building.
But if the Rivercross Co-op Board of Directors have their way, Ms Kovach will be evicted as soon as this week from her long time home.
Ms Kovach is a retired architect. She has long suffered from Multiple Chemical Sensitivities (MCS) disability which, she says, has been verified by 4 doctors.
Due to her illness, in 2012 she asked the Rivercross Board of Directors for approval to modify her apartment windows to open more than 4 inches so that more fresh air circulates in her apartment which helps her deal with the MCS disability.
According to Ms Kovach the Rivercross Board of Directors refused her disability accomodation request and one Board Member claimed MCS did not exist. Mr Kovach claims that the Rivercross Board of Directors is evicting her as retaliation for her seeking legal redress to her disability claim. Ms Kovach also claims that the Rivercross Board has a financial incentive to terminate her lease and sell her apartment.
According to court documents, the Rivercross Board of Directors allege that Ms Kovach engaged in objectionable behavior by harassing tenant shareholder of 2 apartment units in 2017-18. Ms Kovach denies these allegations and says instead she was the victim of harassment by owners of the 2 mentioned apartment units. Also, Ms Kovach says that for the last several years there have been no complaints against her.
I spoke with Ms Kovach last Wednesday the day before the eviction notice was taped to her door.
I asked the Rivercross Coop Board of Directors for comment on this matter. According to a Board representative:
Attached is a copy of the lower court's decision upholding Rivercross' actions and a copy of the appellate court's decision upholding the lower court. The matter remains in litigation and we therefore have no further comment.
According to the January 24, 2023 decision of the NY State Supreme Court Appellate Division:
... The court correctly granted plaintiff summary judgment on its ejectment cause of action, as plaintiff’s decision to terminate defendant’s proprietary lease for her objectionable conduct of constantly harassing her neighbors was protected by the business judgment rule (see 40 West 67th Street Corp. v Pullman,...
... While defendant contends that the termination of her tenancy was in retaliation for her own complaints against her neighbors and her requests for a disability accommodation, she offers no evidentiary support for this claim aside from speculative statements in her affidavit in opposition to plaintiff’s motion. Thus, there is no indication of bad faith warranting closer review of plaintiff’s determination. Nor did defendant refute any of the allegations of objectionable conduct such that a triable issue of fact is raised.
Defendant’s affirmative defenses were correctly dismissed in the absence of any evidence submitted by defendant to demonstrate their merits...
This is a very brief summary of the issues in Ms. Kovach’s case.
There is a general problem with the whole idea of a Pullman action. In
this case, the vote to terminate Ms. Kovach’s proprietary lease was a
board vote. The lease and by-laws set forth a series of notices to be
given prior to holding a meeting, but at the meeting in Ms. Kovach’s
case, the board retired to a private session and voted to terminate Ms.
Kovach’s lease.
This gives the board essentially unlimited power
over a shareholder. We argued that the Court should review what the
board did. The case law is very vague as to what degree a court can
review the coop board’s actions, and the coop relied on the “business
judgment rule” a position that makes the board action virtually
unchallengeable.
In this case, the Supreme Court granted the
coop summary judgment. We argued that this was improper because there
had been no discovery at that point, and we had no opportunity to
develop defenses such as retaliatory eviction. We also pointed out that
the coop’s motion did not have any factual affidavits detailing the
conduct Ms. Kovach was accused of engaging in. There was no proof in a
form to be considered on a summary judgment motion showing that Ms.
Kovach had engaged in undesirable conduct.
We also pointed out some big inconsistencies in the paperwork leading up
to the board meeting. The proprietary lease required a notice telling
Ms. Kovach that she was doing something wrong which was shortly followed
by a notice saying the conduct had recurred.
However, the notices are inconsistent in that the first notice claimed
conduct such as banging on the walls and creating noise for other
tenants. The notice that said the conduct had recurred had paragraph
after paragraph of claims to the effect that Ms. Kovach had complained
of fumes, but then refused (at some unstated later time and/or date) to
let building personnel into her apartment to see if there was a smell
(or noise is some cases).
The general problem with Pullman cases is that it lets a coop kick out a shareholder tenant essentially arbitrarily.
Over the last week, I've asked usually knowledgeable Rivercross residents if they knew anything about the Rivercross Coop Board's eviction proceedings against Ms. Kovach. None had.
Last evening, Ms Kovach placed a letter under the doors of her Rivercross neighbors giving her side of this story. An excerpt:
... Before my case could proceed to take depositions, and establish the merits of my case, the judge ruled in favor of the building. My attorney says that I’ve been denied a trial because depositions weren’t taken and my side of the case was never presented to the Court. And therefore, I’ve received an eviction notice.
I’ve enjoyed living here and even after these issues, I would like to stay. If anyone has any suggestions that might help me keep my home, please call or slip a note under my door, ... Thanks for your time and any suggestions you might have.
In desperation,
You would think reasonable and compassionate people could resolve this matter without resorting to evicting a 74 year old woman from her home of many years.
... Dragan Micic, 48, and wife Lidija Bubanja are suing Rivercross Terrace and
others for negligence, claiming no one told them when they bought their home
at 531 Main St. that the transformer was on the other side of their bedroom
wall....
According to a lawsuit filed January 6, 2022 in NY State Supreme Court by
former Rivercross Co-op owners Dragan Micic and Lidija Bubanja:
1- This is an action for misrepresentation, negligence, nuisance, breach of
the warranty of habitability, loss of consortium and punitive damages
arising out of the presence of an electric transformer, which emitted
dangerous levels of electromagnetic radiation, in a transformer room located
directly adjacent to and sharing a common wall with Plaintiffs’ bedroom in
their residential cooperative apartment, number or unit 911, located at 531
Main Street, Roosevelt Island, New York. The existence of the transformer
was undisclosed to the Plaintiffs when they purchased and eventually moved
into the unit on or about May 31, 2019. For the next 17 months, Plaintiffs
slept less than one foot away from the transformer and their upper bodies,
more specifically their heads and necks were exposed for 6 to 10 hours a day
to levels of radiation that exceeded recommended standards. Despite
Plaintiffs’ repeated complaints, Defendants did nothing to effectively
remediate the situation and allowed the dangerous exposure to continue
unabated.
2- As a result of this sustained exposure, Micic developed a tumor in his
nasal passage and ocular region within his skull, which was diagnosed in
August 2020 as an aggressive form of Adenoid Cystic Carcinoma. This is a
rare form of cancer caused by exposure to radiation and other environmental
toxic substances. Such type of tumor is normally slow to develop. However,
in this instance, due to the constant daily exposure to excessive amounts of
EMF radiation to Micic’s head and neck, the growth of the tumor was
accelerated. In addition, Micic and his wife Bubanja also suffered
persistent headaches, fatigue, anxiety, and insomnia caused by the exposure.
...
... 5 - On the advice of Micic’s treating surgeon, Plaintiffs moved out and
eventually sold in July 21, 2021, at an overall financial loss, their
Apartment at 531 Main Street in the middle of the pandemic induced dip in
the New York City housing market. They incurred moving and other related
expenses as a result of this move.
I asked the Rivercross Board for comment yesterday. They declined at the time
but sources tell me a statement is coming soon from the Rivercross Board,
possibly later today.
What do some Rivercross residents think? According to one:
If true it’s going to be a real problem and it’s really scary.
and a second:
... this will raise some concerns for a small number of shareholders, who have
had — or have — cancer or related illnesses & reside near the Transformer
rooms.
The lawsuit does not say if the new buyers of the apartment were informed
about the electric transformer.
Stay tuned.
UPDATE 1/12: Several building residents shared this email they received yesterday from the Rivercross Board of Directors:
This past Friday, we learned of a lawsuit filed against Rivercross by a former shareholder, which was picked
up by a local newspaper. The claim involves alleged exposure to EMFs
(electromagnetic fields) from the transformer room located next to his
apartment. The allegations against Rivercross are without merit and we
will vigorously defend against the lawsuit. If you have any questions,
please direct those questions to the Board.
I asked the Riverwalk Board today:
Will there be any statement to the media?
There was not much information in the statement. I've spoken to Rivercross residents worried about the health implications of the allegations in the lawsuit.
Will the Board answer questions about what safety protocols are in place regarding living near the electric transformers?
The Roosevelt Island Rivercross coop building shareholders voted last week not
to change their current bylaws prohibiting dogs in units (except those for
service/emotional support). The policy has been in place since Rivercross
opened in 1975.
Rivercross resident Ellen Polivy reacts to the vote:
Rivercross won’t be letting in dogs at this time. We failed to pass an
amendment to the proprietary lease to allow dogs in the building. To amend
the lease requires a 2/3 super majority of the total shares to vote yes.
Unfortunately, the yes votes did not clear that very high bar. Many people
who didn’t vote might not have understood that not voting was counted as a
no vote. But many might have been ambivalent.
I feel sad and disappointed. I hoped more neighbors would be more kindly
focused on the benefits of "man's best friend" to our well-being and mental
health. But this won’t happen now. I have to remember that up until
recently, Roosevelt Island was a no-dog Island, and I have to admit, much as
I like dogs, it was much cleaner then.
I think many of the no voters and some of the abstainers in our building
feared that their neighbors just-might-possibly turn out to be the same
inconsiderate-slob dog owners they see evidenced around the Island. Some
voters were not willing to take that chance no matter how generous they
might have been inclined to be towards their neighbor. Lazy dog owners sully
every other dog owner’s reputation, Even the responsible dog owners get
tarnished.
I have begun to understand that a new conversation needs to be started if we
are to have non-dog people comfortable having dogs in their previously
pristine spaces. We have a sloppy dog problem here on the Island. According
to complaints I've heard, some parts of our little Island’s grass and tree
beds are littered with dog poo. Some people are just not picking up after
their pets. These are places where children play, families picnic, people do
yoga and sunbathe and garden.
I, myself have put my yoga mat on the ground in more than one place and
turned my face toward a smelly dried turd. I don’t know where dogs are
supposed to go to relieve themselves and which green spaces is an acceptable
dog toilet where people should be warned not to put down their mats due to
high concentrations of whatever came out of your pet. I can respectfully
suggest curbing your dog is a good first start. But not being a dog owner
myself, I have no idea what curbing your dog really means for someone
walking their dog on the promenade. My personal peeve is people who let
their dogs urinate under overhangs where the rain can’t wash it away and
where it remains as a constant sticky stain until someone from RIOC or
building maintenance cleans it.
Two suggestions:
I humbly suggest that another step in helping people be responsible might be
for all of us to carry an extra bag, catch lazy owners in the act and make a
show of cleaning up for them if they don’t do it themselves. Or perhaps,
everyone should carry an extra bag and pick up dried feces when you see
it.
It takes very little effort and the selfless act will get the Island much
cleaner. I am throwing out some suggestions as a way to get this conversation
started, action going. Perhaps dog owners taking action to clean up the island
will help non dog lovers become more comfortable accepting dogs in their
midst..
Read about Roosevelt Island 1977 pioneers in this fascinating NY Times article.
Fascinating to read this piece about Rivercross and Roosevelt Island 43 years on. I think a lot has stayed the same, despite all the obvious change. #rooseveltislandhttps://t.co/MVbW5priEI
The changing nature of Roosevelt Island affordability for middle income and working class people was the subject of this excerpt from a very interesting video previously posted last week by You Tuber Black In The Core showcasing what he describes as:
Roosevelt Island Gentrification - Stealing The Dream
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. The video does not mention the new 340 unit Hudson Related Riverwalk Park
affordable housing building in the process of opening on Roosevelt
Island or the hard fought affordability plans negotiated for privatization of the original Mitchell Lama buildings.
According to notices sent out yesterday by the Roosevelt Island Operating Corp (RIOC), the Roosevelt Island Rivercross Tenants Corp
is refinancing the mortgage on their 365 unit Co-op building and seeking approval of the RIOC Board of Directors for the transaction. The subject of Rivercross mortgage refinancing will first be discussed as the sole item on Agenda of August 5 RIOC Real Estate Development Advisory Committee meeting and immediately thereafter the sole public item on Agenda for approval by a Special Meeting of the RIOC Board of Directors.
As of 5 PM this afternoon, there is no other information or material available on the RIOC web site about the Rivercross mortgage refinancing. Yesterday, I asked RIOC for more info but have not received a reply yet. Typically, RIOC posts the Agenda and Item Board materials a few days before a Board of Directors meeting.
As previously reported, in 2011 the Rivercross Tenants Corp refinanced their then existing 30 year mortgage with a new $50 million 10 year 4.64% interest only loan. According to a statement at the time from the Rivercross Tenants Corp Board of Directors:
... The proceeds of the new mortgage will be used as follows: First, to pay off the existing mortgage (approximately $25,000,000, including prepayment fees); Second, to create a $15,000,000 capital improvement fund to pay for energy-savings investments (new windows, a more energy-efficient heating system and submetering); and Third, to create a $10,000,000 fund to pay the real property transfer taxes that may have to be paid if and when Rivercross leaves the Mitchell-Lama program and becomes a private coop....
Below are the RIOC notices regarding Rivercross mortgage refinancing meetings tomorrow.
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 Wednesday, August 5, 2020 at 4:00 p.m. via videoconference.
AGENDA:
1. Discussion of Mortgage Refinancing by Rivercross Tenants’ Corp
2. Any Other Committee Business That May be Brought Before the Committee
***
Due to public health concerns and as authorized by Executive Order of the Governor, this meeting will be conducted via videoconference.
The link to a webcast will be posted on RIOC’s website by 12:00 pm on Wednesday, August 5, 2020.
Also:
NOTICE OF THE AUGUST 5, 2020 SPECIAL MEETING OF THE ROOSEVELT ISLAND OPERATING CORPORATION BOARD OF DIRECTORS
PLEASE TAKE NOTICE that a Board of Directors meeting will be held on Wednesday, August 5, 2020 at 5:00 P.M.
AGENDA:
AMENDED AGENDA:
1- Authorization to Approve Mortgage Refinancing by Rivercross Tenants’ Corp. (Board Action Required)
2- Executive Session to Discuss Pending Litigation
Due to public health concerns and as authorized by Executive Order of the Governor, the August 5, 2020 Board of Directors meeting will be conducted via videoconference.
The link to a webcast will be posted on RIOC’s website by 12:00 pm on Wednesday, August 5, 2020
UPDATE 7:25 PM - August 5 Board of Directors materials are now posted on RIOC web site. Below is August 4 Memo from Acting President Shelton Haynes to RIOC Board of Directors supporting approval of the Rivercross Mortgage refinance.
Rivercross Tenants’ Corp. leases the property known as Rivercross pursuant to a Restated Ground Lease dated as of November 30, 1977, which was amended by Amendment #1 dated as of March 28, 2011 and the Second Amendment to Restated Ground Lease dated as of May 30, 2018. In July 2011, Rivercross obtained a $50,000,000 loan from NCB, FSB, which was secured by a first leasehold mortgage (the “Existing Mortgage”). The Existing Mortgage was for a 10 year term, maturing in 2021. The interest rate on the Existing Mortgage is approximately 4.64 %. Rivercross seeks approval to refinance the Existing Mortgage with the same lender (now known as National Consumer Cooperative Bank) with a first leasehold mortgage in the amount of $67,000,000, and a second leasehold mortgage securing a $2,900,000 revolving line of credit (collectively, the “New Mortgages”). While the interest rate of the New Mortgages will not be locked in until after RIOC’s consent has been obtained, it is anticipated that the interest rate of the New Mortgages will be approximately 3%.
In conjunction with the Existing Mortgage, the lender and RIOC entered into a Subordination, Non-Disturbance and Attornment Agreement, whereby the lender agreed not to disturb RIOC’s occupancy of the commercial space it sublets in Rivercross if the lender succeeds to Rivercross’s interest under the Ground Lease. RIOC delivered a written consent to the Existing Mortgage, which included various provisions relating to the rights of the parties in the event of the termination of the Ground Lease. The parties contemplate exchanging substantially similar documents in connection with the New Mortgages.
We have been advised by Rivercross’s counsel that it is Rivercross’s intention to use the loan proceeds remaining after satisfaction of the Existing Mortgage to fund reserves.
Recommendation
I hereby recommend that the RIOC Board of Directors consent to the proposed refinancing by Rivercross Tenants’ Corp.
There is no stated reason why approval of Rivercross mortgage refinancing requires an unscheduled "Special" Board meeting and could not be considered at the next regularly scheduled September 10 Board meeting.
As previously reported, RIOC Directors Margie Smith and Faye Christian resigned last week leaving only 5 of the 9 RIOC Board seats filled with 3 resident Board members and 2 NY State representatives.
Authorization to “Override’ the New York City Zoning Resolution in Connection with the Development of Southtown Buildings 8 & 9
Authorization to Enter into Settlement Agreement in Connection with the Rivercross Arbitration and Second Amendment of the Rivercross Ground Lease
and Authorization to Take Certain Actions to Assume the Responsibility for the FDR Hope Memorial Project Execution within the Southpoint Open Space Area
Below is the April 18 RIOC Board meeting full agenda and Board Materials on each Agenda Item.
AGENDA
APRIL 18, 2018 MEETING OF
THE ROOSEVELT ISLAND OPERATING CORPORATION BOARD OF DIRECTORS
THE CULTURAL CENTER THEATER, 548 MAIN STREET,
ROOSEVELT ISLAND, NEW YORK
5:30 P.M.[1]
I. Call to Order
II. Roll Call
III. Approval of Minutes
1. March 1, 2018 Board Meeting (Board Action Required)
IV. Old Business
New Business
1. Authorization to “Override’ the New York City Zoning Resolution in Connection with the Development of Southtown Buildings 8 & 9 (Board Action Required)
2. Ratification of Insurance Binders for FY 2018-19 (Board Action Required)
3. Authorization to Enter into Settlement Agreement in Connection with the Rivercross Arbitration and Second Amendment of the Rivercross Ground Lease (Board Action Required)
4. Authorization to Enter into Contract with Gardner & Theobald, Inc. for Owner's Representative Services for Capital Projects & Strategic Planning (Board Action Required)
5. Approval of Extension of the FY 2017-18 Public Purpose Grants Period (Board Action Required)
6. Ratification of Contract with Derive Technologies LLC and EIA Datacom, Inc. for the Purchase of Surveillance Cameras (Board Action Required)
7. Authorization to Enter into Contract with the Roosevelt Island Public Safety Officers Benevolent Association (Board Action Required)
8. Ratification of the Amendment of Contract with New York State Industries for the Disabled, Inc. for Cleaning Services at RIOC’s Facilities (Board Action Required)
9. Authorization to Take Certain Actions to Assume the Responsibility for the FDR Hope Memorial Project Execution within the Southpoint Open Space Area (Board Action Required)
By chance, I ran into two Rivercross residents separately yesterday and today and during our conversation both asked:
... why wasn't I aware of the Rivercross arbitration settlement and RIOC meeting tomorrow on subject?
I did not have an answer for them.
Also, note that the Westview ground lease agreement, which was the subject of an April 3 Executive Session RIOC Real Estate Advisory Committee meeting, is not on tomorrow's RIOC Board meeting agenda.
The position of Public Information Officer (PIO) was recently created by the Roosevelt Island Operating Corporation (RIOC) to increase communication between us and our residents, to create a basis for a natural exchange of information and ideas. RIOC understands the absence of relevant up-to-date information creates a sense of disempowerment, mistrust and frustration. We are working to change that. We’re learning the more accurate information about our work that we share with the island community, the more we will work together for the common good.
I’m often e-mailed, phoned and stopped on Main Street by residents, community leaders and business owners asking about the who, what, when, why or how RIOC is going to do something they believe we should. Often my answers seemingly disarm preconceived notions that RIOC is an indifferent political oligarchy. This President’s Message column is a means of me providing you information before the questions even are asked.
Let’s increase this dialogue so RIOC can continue improving our service to you.
NYS Budget $25 Million
With the passage of the State of New York’s FY 2018 State Budget two weeks ago, RIOC will receive a $25 million payment to supplement its existing capital infrastructure improvement program.
The payment is the tangible result of a unique 2013 land-swap agreement - regarding a 2.62-acre parcel to help facilitate the Cornell-Tech campus development - between the State and RIOC. The money, according to the budget law, “is to be used in support of the comprehensive, multi-year capital program for capital improvements on Roosevelt Island.”
RIOC plans to add the funds to its existing five-year $40-million major improvements schedule, an aggressive plan that works to immediately address aging island infrastructure and public facilities that have had neither improvements nor significant repairs since their original construction 40 years ago.
Some of those capital improvement items include: the 59th Street tram station elevator construction, island-wide seawall railing replacements, Southpoint Park seawall construction, repairs to the AVAC sanitation system, Sportspark and youth center renovations, Motorgate parking garage repairs, Blackwell and Al Lewis playgrounds renovations, and Octagon and Firefighters field improvements.
Motorgate
I recently received some questions from the Roosevelt Island Residents Association (RIRA) about existing parking space and traffic striping issues in the Motorgate parking garage.
Although it has yet to be announced, RIOC has finalized a Request for Proposals to repair concrete spalls and expansion joints, re-waterproof all surfaces, and redo striping at the southern end of the garage facility.
Our Capital Planning and Projects team has reviewed the scope of work with the Motorgate engineering consultant. We expect to issue that RFP by April 30.
Upon the bid approval, by the RIOC Board of Directors, of the winning contractor, the work will commence on floors 3, 4, and 8, which is Phase 1 of the total project. The repairs will be conducted in two phases, as to not overly disrupt the garage’s ongoing operation. Each phase is estimated to cost about $5 million; the work duration for each phase will be shared once the contract has been awarded.
RIOC’s plan also includes new signage.
In the meantime, we’ve recently replaced and installed 13 new closed-circuit TV surveillance cameras at the garage to bolster our efforts, in addition to regular PSD patrols, to keep you and your parked vehicles secure.
Sportspark Renovation
RIRA also recently asked us to review their report and ideas for the Sportspark renovation project. While we have more plans to solicit community input on this project, we first should update you on the plan’s current state.
The first Sportspark RFP, set to be released by mid-June, is for design services and biddable documents only; not for physical renovation (that will be addressed in a subsequent RFP). Once we have a firm in place, then we will engage you, and the RIRA committee (and utilize our Cornell community study on possible programs) to receive your input and ideas on the renovation.
Members of our staff have reviewed the information RIRA provided, of which a majority involves facility concerns that we are aware of and agree should be addressed with the design.
We recognize RIRA is excited about the project and so are we. We look forward to working together. I will share additional updates as the project moves along.
Did you happen to notice the new outdoor basketball backboards and hoops installed this week at Capobianco Field, Blackwell Field and Sportspark?
HELIX Repair Update
The first lane demolition of the Helix is about 70 percent complete. Now uncovered we’ve found that the top of the structural slab is in much worse condition in some areas than we anticipated. That deterioration was caused by insufficient maintenance and inspection in addition to much heavier truck loads traveling the road than what the Helix was originally designed for.
We have also hired an additional traffic engineer to review our existing traffic control plan during the Helix construction and to present their findings and/or recommendations to the RIOC Board and community.
24/7 Ambulance and NYPD Patrol Vehicle
You should also note that RIOC Public Safety Department Chief Jack McManus has successfully lobbied the New York City Police Department and NYC Office of Emergency Management to station an NYPD patrol vehicle and FDNY ambulance on the Island 24 hours-a-day during the HELIX construction period meant to allay concerns about potential emergency response times due to Helix construction traffic.
When additional emergency response vehicles are dispatched to the Island, PSD is safely expediting their entry and exit by freezing all Helix traffic, in both directions, to accommodate those vehicles.
We also appreciate several island businesses – Gristedes, Coler Memorial Hospital, Cornell Tech and the Department of Environmental Protection – for their cooperation working with PSD in safely coordinating deliveries coming from oversize tractor trailers until after 3:30 p.m. every day.
Manhattan Tram Elevators
The permits for the Manhattan Tram Plaza elevator project were awarded earlier this month and construction work will begin soon. As I mentioned in my last column, two new aesthetically-improved glass elevators – that are more efficient and ADA accessible - are being built to replace the existing elevators.
The project – which we will execute with minimal impact on the Tram’s operation - is expected to last a year.
Radar Speed Signs
Radar speed signs, also known as driver feedback signs, are designed to slow down speeding drivers by alerting them of their, speed. They are being used across the country and in the past week, you might have noticed that two have been installed here on Roosevelt Island; one near Coler Memorial Hospital and the other near the Cornell Tech loop. The signs are mobile and can be moved to different locations throughout the Island as needed.
We remind everyone that the Island-wide speed limit is 15 miles per hour. Please slow down; speeding is hazardous to yourself, other motorists and pedestrians. Island speed limits will be monitored and enforced by the Public Safety Department.
RIOC’s Real Estate Development Advisory Committee met on Tuesday, April 3 to discuss all three of this agenda items. I know many of you anxiously await the details of the settlement and lease agreements of which I am not at liberty to currently discuss. I do encourage you to attend our next full RIOC board meeting Wednesday, April 18, at 5:30 p.m. in the Cultural Center Theatre.
Though its required environmental impact study is not yet complete, I thought I should share some additional details about the Southpark 8 and 9 residential towers, located immediately north of the Ed Koch Queensboro Bridge along Main Street on the island.
Building 8 will consist of a 21-story residential tower, 227-feet-tall with 341 affordable units.
Building 9 will consist of a 28-story, about 287-feet tall mixed-use building with 300 market-rate units and 7,000 square feet of commercial office space.
Building 8 is expected to be completed and operational by March 2020, while Building 9 is expected to be completed and operational by March 2022.
Youth Center Update
We’re making more changes at the Roosevelt Island Youth Center.
Our objective, since assuming management of the center’s operations March 5, is to develop the center, and its programming, into something that parents, students and staff could all enjoy.
Two weeks ago, RIOC posted new guidelines, which we intend to enforce, to keep the facility safe, supervised, alcohol and drug-free. Parents and older teens will no longer be able to roam the facility unsupervised; “sign-in” and “sign-out” and appropriate behavior policies have been drafted and will be enforced. I’ve linked the complete set of new rules to this letter and email. Please review these with your children, and explain that these changes should be viewed as improvements.
I am happy to announce that Erica Spencer-El, a long-time RIOC community relations manager has been promoted to Director of Community Affairs and the youth center will be one of her new management assignments, in addition to oversight of Community Relations and Island-wide events. More details on additional staff and programming additions, the scheduled renovation of the center and RIOC’s efforts to create a youth soccer program will be forthcoming.
Additionally, RIOC is proud to announce that we’ve waived all field usage fees to allow for the Child Center Beacon at 217 in partnership with the Roosevelt Island Center for Community Development and the Reviving Baseball in Inner Cities to relaunch the Roosevelt Island Little League for ages 5 – 13 at no cost to participants. I encourage you to join and enjoy your child playing in the league’s 10-game season. Learn more and sign up here.
As we also announced previously, we are making island residents and organizations’ field and room requests priority when booking space for our outdoor fields and indoor facilities, according to availability. Capobianca Field will remain open year-round with no permit required. The 440 square-foot Lighthouse and 320 square-foot Blackwell rooms in the Cultural Center are also available free of charge with only a certificate of liability required to make a reservation. Please visit our website, rioc.ny.gov, to see availability for all our recreation and community spaces.
Beacon/Child Center
In response to several parents’ concerns about the Child Center Beacon program here on the Island, we recently invited the program’s senior vice president and the City of New York’s associate commissioner for Youth and Community Development (which funds the Beacon program) to meet with a small group of Roosevelt Island parents.
It was a positive meeting and our parents vented their frustrations about the new Beacon program. We discussed the timeline of the Beacon’s expanded programming including potential summer camps, improved parent/program staff communications, and staffing ratios, among other things. Another informational meeting will be scheduled to discuss their improvements by the end of this month.
Sign-up for the latest Roosevelt news advisories, upcoming meetings and facility availabilities by visiting our new website, rioc.ny.gov. And, remember I want to hear from you; email our PIO, alonza.robertson@RIOC.ny.gov, with your questions or concerns!
Would the Westview building ownership renew the retail lease space to RIOC or,would Westview ownership recover the space for themselves and to what extent does the retail lease negotiation impact the privatization negotiations?
In response to my question last Friday about the Westview Privatization status, a spokesperson for Roosevelt Island's NY State Assembly Member Rebecca Seawright replied:
Assembly Member Seawright continues to work with State Homes and Community Renewal (HCR) and the Westview Taskforce. A meeting is being held in the district office today with Westview Task Force leadership and HCR officials to discuss the status of negotiations.
I asked RIOC President Susan Rosenthal and HCR Commissioner RuthAnne Visnauskas:
The Westview residents have no idea what is going on.
My understanding is that the latest element in Westview privatization is the upcoming expiration in April 2018 of the Westview ownership retail space to RIOC which is subleased to Hudson Related as part of the Roosevelt Island Main Street Master Retail Lease.
What impact, if any, does the Westview ownership retail lease renewal negotiation with RIOC have on the Westview Building privatization?
What is the current status of Westview privatization?...
Ms.Rosenthal replied on yesterday:
I know you reached out to HCR and are anxious to know the terms of the proposed deal. As soon as we share the terms with the board members, we will share them with you. The good news: we reached a deal in principle and we are moving forward!
... My understanding is that the lease has not been renewed yet.
If Westview retail lease with RIOC is not renewed, what impact will that have on the Master Retail Lease with Hudson Related which includes the Westview stores?
Also, what impact will that have on Roosevelt Island retail leasing efforts and those current Westview retailers that have lease terms past April 2018?
What is the annual rental revenue from Westview retail tenants and how much revenue does RIOC receive under the Master Lease from Westview retail tenants?...
Mr. Kramer answered:
I think there are 2 substantive issues if the retail sublease is not extended.
First, it's a big hit to RIOC. They earn most of the revenue from the Westview stores (we earn a percentage of the upside over time). I'm not sure why anyone would want RIOC to have less recurring, annual money.
Second, I think there's a logic to the Master Lease having a greater point of view to help the island. Whether it's paying for the new way finding system, or holiday lights, we've tried to help all the retailers.
We've made plenty of non-economic choices, whether it's signing a lease with NYPL or working to keep RIVAA in their space that are good for the island but don't maximize profits.
Our JV pays them ground rent from the retail revenue plus profit participation ... it comes out to approx. 83% of net proceeds. So I don’t understand why the RIOC Board wouldn’t fight to retain that revenue source.
Westview building owner David Hirschorn declined to comment on the Westview privatization status or the retail lease renewal at this time.
The Westview Task Force sent this notice out last evening to residents:
Friends, Neighbors, Westview Tenants,
We are pleased to report that we met with HCR officials and representatives of our elected officials this past Friday.
We were informed that, after prolonged negotiations, the agencies (HCR, RIOC) and Owner are now on the same page regarding all terms related to the WV Affordability Plan. Details are expected to be formalized and released soon.
We will keep everyone informed as we learn more.
Thank you for your continued support.
Westview Taskforce Inc.
Below is an excerpt from a November 3, 2017 email from the Westview Task Force to HCR Commissioner RuthAnne Visnauskas supporting the return of Westview retail space to the Westview Building ownership (click text image for larger sized print).
Today, RIOC announced that the Real Estate Advisory Committee will meet April 3 in Executive Session (closed to the public) to discuss Westview as well as an apparent settlement of Rivercross ground lease arbitration. 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 Tuesday, April 3, 2018 at 5:30 P.M. at the RIOC Administrative Office, 591 Main Street, Roosevelt Island, New York.
Agenda:
1. Chair’s Motion for Executive Session to Discuss:
a. Rivercross Arbitration Settlement
b. Southtown 8 & 9 Environmental Assessment and Zoning Overrides
c. Westview Ground Lease Negotiations
2. Any Other Committee Business That May be Brought Before the Committee.
My understanding is that if the Westview retail space lease to RIOC is not renewed, the current retail tenants will have to renegotiate their agreements with Westview owner.
Roosevelt Island is a mixed income, racially diverse waterfront community situated in the East River of New York City between Manhattan and Queens and is jurisdictionally part of Manhattan. The Roosevelt Island Tramway, which connects Roosevelt Island to the rest of Manhattan, has become the iconic symbol of Roosevelt Island to its residents.
The Purpose of this Blog is to provide accurate and timely information about Roosevelt Island as well as a forum for residents to express opinions and engage in a dialogue to improve our community.
