A year or so ago, I saw a blueprint/design document for Riverwalk 9 that included a layout of the shared courtyard between buildings 8/9 including the dog park. Does anyone know where I could find this?
It’s too bad they didn't include both a small and large dog park. That is really important as some dogs need space to move but can’t be with bigger dogs, or need the option to be separated. Also, the increase in dogs thanks to the new building is notable.
Several residents asked today about plans for the Riverwalk Commons dog run and other features.
Will the dog run have separate space for big and small dogs?
Also, what other features will the Commons have and is May the opening date?
Can you share any renderings or design of the Commons?
This was a proposed plan before construction.
Are there any changes?
Hudson Companies Jordan Camina replied:
The dog run will be split for small dogs and large dogs with separate entrances. The dog run will be a turf-type material designed for dogs.
We are still targeting a spring opening for the Commons East and work continues on-site towards completion.
The Commons was modified to be accessible directly from the riverside promenade as RIOC is no longer pursuing the bike-path project.
The design itself is largely unchanged besides the relocation of the dog run towards the river. Unfortunately, I don't have a nice color render of the Commons East like the original one you cited in your email.
During the February 3 RIOC Real Estate Development Advisory Committee meeting (REDAC), Mr Camina reported that the temporary dog run at Firefighters Field will soon be moving to the Riverwalk Commons East and that the new Dog Run will have lighting.
Related Companies Frank Monterisi describes the new Roosevelt Island Rivercross East Commons Open Space under construction
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.
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.
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.
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....
Construction on the Riverwalk building 8 began this week.
The Roosevelt Island Operating Corporation (RIOC) has executed a ground lease agreement with the developers – the Hudson Companies Inc. and the Related Companies LLP. - for Southtown Building 8 that will bring 341 units of additional affordable housing to Roosevelt Island by 2021.
At a special session convened November 20, RIOC’s Board of Directors - after reviewing the deal’s proposed structure - voted to allow RIOC President and CEO Susan Rosenthal approval to negotiate and execute a final ground lease with the Hudson Related Companies for Building 8, a planned 21-story building comprised of approximately 240,000 square feet of floor area, on the plot just south of 480 Main Street. The building will be designed by Handel Architects who also designed the Southtown 7 building.
In a negotiation during the special session, Hudson Related also agreed to construct a comfort station at the Island’s Firefighters Field and make modifications to the field up to a cost of $1 million.
Sixty percent of the units in Southtown 8 will be permanently affordable. The other 40 percent of the units will be income restricted and or affordable for at least 40 years from permanent loan conversion.
“The Southtown 8 ground lease will allow RIOC to continue honoring its mission, as laid out in the Island’s General Development Plan; to promote, develop and maintain an affordable mixed-use residential community,” here on the Island, said RIOC President Susan Rosenthal. Of the current 5,226 units already built on Roosevelt Island, 2,200 remain affordable, according to RIOC’s 2018 Performance Measure Report.
The Southtown 8 building will be financed under M2 Mixed Income programs through the Department of Housing Preservation and Development of the City of New York (HPD) and the New York City Housing Development Corporation (HDC).
Other provisions in the deal include:
On the date of closing, December 26, 2018, the developer paid RIOC $288,000, the first annual payment of ground rent.
At the beginning of the Rent Commencement Date, (or the end of construction), the developer’s annual ground rent will be $576,000 and increase three percent each year.
A one-time rental payment of $16,800,000 is also due at the beginning of the rental period, but can be deferred up to 36 months at a four percent interest rate.
The apartment quantity by size in Southtown Building 8 is broken down as follows:
81 - studio
158 - 1BR
51 - 2 BR
50 - 3 BR
Depending on family and apartment size, income-level based rents (calculated based on the AMI) will vary from a minimum of $505 a month for a studio; to $3,431 for a three-bedroom.
The City requires that the new building provide a 50 percent preference for residents of Community Board 8’s jurisdiction which includes Roosevelt Island.
When marketing and leasing starts, residential applications will be submitted to a “housing lottery” via the NYC Housing Connect website which is administered by the city’s HPD.
Will Roosevelt Island residents get preference for the Riverwalk Building 8 housing lottery.
During the November 7 RIOC Real Estate Advisory Committee meeting, Hudson Related developer David Kramer said he would love to give Roosevelt Island residents a preference for the affordable units but the NYC Housing Preservation Department, which is providing project financing said the preference is for entire Community Board 8 and not limited to Roosevelt Island residents.
But I asked RIOC Board Directors and President Susan Rosenthal:
As you know, during the November 7 RIOC Real Estate Development Advisory Committee meeting (see post here), RIOC President Susan Rosenthal asked Hudson Related developer David Kramer about providing Roosevelt Island residents with preference for obtaining housing in the new Riverwalk 8 Affordable Housing building soon to start construction. Susan asked David if it would help for RIOC to insist that such a provision be in the agreement.
David replied that he was told by the NYC Financing Authorities that the preference applied to Community Board 8 residents, which included Roosevelt Island, but could not be restricted to Roosevelt Island residents.
The City is committed to widening opportunities for affordable housing for all New Yorkers. Please note that all applicants, regardless of preference, must meet the income, employment, and other eligibility criteria set for each property for which they are applying.
Preference is given to applicants that meet one or more of the following criteria:
Persons with Mobility, Hearing, and/or Vision Disabilities
Federal disability statutes give preference to five percent (5%) of units for households applicants with a household member who has a mobility disability. Another two percent (2%) of units receive preference for households with a household member who has a hearing or visual disability.
Current Community Board Residents (CB)
Current residents of the community board in which the property is located receive a preference for fifty percent (50%) of the units. The community preference was established to provide greater housing opportunities for long-time residents of New York City neighborhoods where HPD/HDC have made a significant investment in housing. To find what CB you live in, visit: http://www.nyc.gov/html/cau/html/cb/cb.shtml.
Municipal Employees
The City recognizes that many New York City municipal employees are required to live within the five boroughs and can often find it very difficult to obtain affordable housing. The municipal preference makes five percent (5%) of the units in HPD- or HDC-financed developments available to current municipal employees. Down Payment Assistance for homeownership applicants is also available. HPD/HDC will also work with its partners to provide homeownership counseling and education to municipal employees interested in becoming homeowners.
Nearly all New York City employees are eligible for the preference. For a list of eligible Agencies, visit:http://www.nyc.gov/html/hpd/html/apartment/faqs-municipal-employees.shtml#agencies. Employees will be screened to ensure that no conflict of interest exists. If you are unsure whether you may have a conflict of interest, check with your agency.
Project-specific Preferences
As part of the agreements set forth for a specific development, additional preferences may apply. Such preferences may include, but are not limited to, preferences for Senior Citizens or Veterans. Any such preference would be specified in the advertisement for the project
Paragraph 4 allows Project Specific Preferences and is not limited to community board residents, Senior Citizens, Veterans, municipal employees etc. This may allow for a Roosevelt Island resident preference for Riverwalk Building 8.
Here is an example of a NYC affordable housing development in Chelsea that has a preference for NYC Housing Authority (NYCHA) residents. If NYCHA residents are permitted a preference for the Chelsea building under NYC affordable housing program, why not a Roosevelt Island residents preference for Riverwalk Building 8?
Will RIOC revisit this issue of preferences for Roosevelt Island residents with Hudson Related and inquire with appropriate authorities if it is possible?
The Real Deal reports on the Hudson Related Rivewalk affordable housing building financing today:
... The New York City Department of Housing Preservation and Development provided a $20.29 million permanent subsidy loan, while the New York City Housing Development Corporation gave $12.9 million in tax-exempt bonds. The New York State HCR through its Homes for Working Families program loaned $12.5 million.
Meanwhile, Citi provided a $74.6 million construction loan and letter of credit for the tax-exempt bonds as well as a $3 million subsidy loan. The bank also committed to buying the tax credits from the project’s tax credit syndicator, WNC.
In a statement, Citi’s Tricia Yarger called the financing structure for the project “complex.”...
Will update when more info available on Riverwalk Building 8 preferences for Roosevelt Island residents. Stay tuned.
PLEASE TAKE NOTICE that a Special Meeting of the Board of Directors will be held on Tuesday, November 20, 2018 at 5:30 p.m. at the Manhattan Park Theater Club at 8 River Road, Roosevelt Island, New York.
AGENDA
1. Authorization to Enter Into a Ground Lease for Southtown for Building #8 in Accordance with the Fifth Amendment to the Development Agreement (Board Action Required – Materials to Follow)
Hudson Related is the developer of Southtown a/k/a Riverwalk building 8
... Under the proposed Building 8 Ground Lease, a 21-story building comprised of approximately 240,000 square feet of floor area and 341 rental units, will be constructed. Building 8 will be financed under the Department of Housing Preservation and Development of the City of New York and the New York City Housing Development Corporation’s M2 Mixed Middle Income Program. RIOC seeks to preserve affordable housing, consistent with its mission and statutory purpose.
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.
To the extent permitted under the financing programs, current Roosevelt Island residents will be given preference in any affordable housing lottery with respect to Building 8....
During the November 7 RIOC Real Estate Advisory Committee meeting, Hudson Related's David Kramer described plans for the Riverwalk 8 Roosevelt Island affordable housing building including potential for Roosevelt Island residents to obtain preferences for apartment in the buidling . Here's the discussion.
The most recent Ask Susan feature from RIOC President Susan Rosenthal includes a question from a resident about Roosevelt Island affordable housing, or the lack thereof.
HEY SUSAN!
I was very happy to see the email below from RIOC and hope that you will be able to assist me. I have a daughter who is bipolar and schizophrenic and as a divorced mother with six years to retirement, I am the only caregiver financially and otherwise as my daughter cannot work.
After residing on Roosevelt Island for six years in a one-bedroom at Manhattan Park Apartments, I now find that I am in uurgent need of an affordable apartment on the island or I will have no choice but to leave when my lease expires in May 2019.
I did not understand that the rent for a one-bedroom apartment would move drastically from the US $2,000 range to the current amount of US $2,732. Based on the fact that last year’s lease agreement increased my rent by US $266, I am afraid that I will not be able to continue living on Roosevelt Island beyond May 2019.
Susan, I really hope you will be able to inform me of any affordable two-bedroom apartment which is available on the island. Looking forward to your reply and guidance. Thank you in advance.
SUSAN: Thank you for your question and please accept my admiration of your dedication to your daughter.
As the governing agency for the Island, the Roosevelt Island Operating Corporation negotiates lease agreements with the various building owners and developers that include provisions for affordable housing based on federally-accepted income guidelines based on the Area Median Income (AMI) of the New York City region. These income guidelines are calculated annually, vary by family size and therefore subject to change on a yearly basis. I encourage you to contact several of the Island building managers to inquire about the availability of any designated affordable units in their developments.
Also, note that Hudson-Related is close to beginning construction on a new housing complex in Southtown that will wholly consist of affordable units based on the AMI. However, it is not expected to open until the summer of 2020.
Does anyone know the total number of Roosevelt Island affordable housing units in each building complex? How many affordable housing units in Southtown, Manhattan Park, Octagon, Wire buildings etc?
UPDATE 11/21 - RIOC Board of Directors
approved the ground lease for Riverwalk Building 8 last evening. The 3 resident Board members voted in favor of the ground lease and 2 NY State officials abstained. Acting RIOC Board Chair Alex Valella abstained because his agency approved a subsidy for the project. Also, the other NY State representative (don't have her name) abstained, saying that she did not have sufficient information to cast a vote.
Prior to the vote, the RIOC Board entered into Executive Session to discuss unresolved terms of the Ground Lease Agreement. The public, including Hudson Related representatives, were asked to leave the meeting room and were not allowed to observe issues being discussed by the RIOC Board. We waited in the adjoining foyer.
After approximately 30 minutes the Hudson Related representatives were called back into the room. After another 20 minutes, the Hudson Related representatives returned to the foyer, not looking very happy.
Shortly thereafter, we were all called back into the meeting room and the RIOC Board resumed it's public meeting.
Prior to the vote, RIOC General Counsel Jaci Flug announced that an additional provision would be added to Ground Lease Agreement resolution. Hudson Related would build a Comfort Station at Firefighters Field and make modifications to the field at a cost not to exceed $1 Million.
Also, prior to the vote, RIOC Board member Michael Shinozaki asked Hudson Related's David Kramer to respond to questions about the project including the mix and configuration of the 341 apartment units. Mr Kramer's colleague from Related Companies reported that:
... 25% of units are studios, 15% are 3 Bedrooms and the balance are 1-2 bedrooms....
(Will have more specific info on unit configuration soon).
Here's the discussion,
followed by the Board vote.
RIOC Board Director Michael Shinozaki joined the other 2 resident Board Members voting in favor of the Ground Lease but noted prior to his vote:
... you haven't left us with much of a choice..
During the RIOC Board Public Session, prior to the start of the Board meeting, Roosevelt Island resident Frank Farance asked the Board to defer voting on the Ground Lease Agreement until the plan on apartment layout is in compliance with the Roosevelt Island General Development Plan.
Stay tuned for more info on Riverwalk Building 8 Affordable Housing Plan.
UPDATE 11/30 - According to Hudson Related's David Kramer:
Riverwalk 8 has 341 units: 81 studios, 158 One Beds, 51 Twos and 51 Threes.
PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Wednesday, November 7, 2018 at 5:30 p.m. at the RIOC Administrative Office, 591 Main Street, Roosevelt Island, New York.
Agenda:
1. Closing on Southtown Building 8
2. Wayfinding Signage
3. Damage to Cherry Blossom Trees from Cornell Construction
4. Any Other Committee Business that May be Brought Before the Committee
Hudson Related is the developer of Southtown a/k/a Riverwalk building 8
High Level of Affordability - H/R proposes building the two final buildings of the Southtown
Development in a package that delivers:
a greater level of affordability for middle income and low income residents than provided by any of the previous Southtown buildings;
affordability sustained over a period of 30 years, and in some cases, longer; and
approximately 641 units at a mix of 53% market rate and 47% affordable housing – more than the 40% affordable required in the Southtown Development Agreement.
... General Counsel Flug noted that the developer agreed to give priority to Roosevelt Island residents in applying for affordable units in the new building if such priority is deemed to be in accordance with the law...
During the September 7 RIOC Board meeting, several RIOC Directors opposed the deal because they said they did not have sufficient time to review the terms of the agreement. But RIOC's CFO at the time, Kimberly Quinones said, according to the minutes (Page 5):
... in accordance with the provisions of the Public Authorities Accountability Act (PAAA), RIOC is required to take certain proposed measures at least ninety days before the closing, which must occur in late December to qualify for the New York City affordability program in question. As such the vote could not be postponed by more than a week or so. Mr. David Kramer, Principal at Hudson Companies, further elaborated on the timeline....
The agreement was approved but the closing did not occur in December 2017 as scheduled and still has not.
Very important Roosevelt Island real estate issues
will be discussed tomorrow, April 3, during the Roosevelt Island Operating Corp (RIOC) Real Estate Advisory Committee. According to RIOC:
PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will now be held on Tuesday, April 3, 2018 at 5:30 P.M. at the RIOC Warehouse, 680 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.
There is no indication that I can find on the RIOC web site about this meeting.
Stay tuned.
UPDATE 3/3 - The agenda has been amended to have the Southtown discussion in public session.
PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will now be held on Tuesday, April 3, 2018 at 5:30 P.M. at the RIOC Warehouse, 680 Main Street, Roosevelt Island, New York.
Amended Agenda:
1. Discussion of the Southtown 8 & 9 Environmental Assessment and Zoning Overrides
2. Chair’s Motion for Executive Session to Discuss:
a. Rivercross Arbitration Settlement
b. Westview Ground Lease Negotiations
3. Any Other Committee Business That May be Brought Before the Committee.
The Roosevelt Island Operating Corp (RIOC) Board of Directors will meet today, September 7 at the Cultural Center (548 Main Street). Among the items on the Agenda are:
RIOC’s Proposed Budget FY 2018‐19 projects revenues of $51,563,000 a increase of $23,594,000 or 84.36 % over the Approved Budget FY 2017‐18 amount of $27,969,000. RIOC generates most of its revenues from long‐term ground leases to developers of housing projects on the Island. These leases specify the manner in which the ground lease revenues are derived, including amounts, timing, and escalation of ground lease payments, specifically residential fees, ground rents, and public safety fees. In addition, RIOC generates revenues from its Tramway transportation system, Motorgate parking garage, metered street parking, commercial leases, interest income, and other revenues. Other revenues mostly consist of permitting fees collected for activities that take place in the Sportspark sports facility, the Cultural Center, the Sports Fields, and third party construction on the Island.
Residential fees are projected to decrease by $534,000 or 26.47%. This is mainly due to two factors: (1) the rescheduling of the projected construction dates for Southtown Building 8 and 9 to January 2018 and May 2019; respectively, resulting in the deferral of Tax Equivalent Payments in the amount of $268,000 to the respective fiscal periods, and (2) the completion of the Island House Initial Sponsor Sales in FY 17‐18, resulting in the reduction of the projections for coop and condo sales transactions fees for FY 18‐19 in the amount of $221,000.
Ground rents are projected to increase by $23,851,000 or 196.73% due to the projected payment of the State’s contribution for Cornell. Furthermore, projections for Rivercross and Westview are based on current levels, however both projected ground rents are expected to increase.
Commercial rents are projected to increase because of escalations in the terms of the commercial leases.
Tramway revenues are projected to decrease by $233,000 or 4.08%, due to over‐projection of the revenues in the FY 17‐18 budget.
Public Safety revenues are projected to increase by $56,000 or 2.86% due to contractual escalations.
Transport/parking revenues are projected to increase by $510,000 or 19.28%, mainly due to the addition of 15 additional parking meters on the Island.
Interest revenues are projected to increase by $35,000 or 33.02% due to gradual increases in interest rates.
Other Revenues is projected to decrease by $98,000 or 5.48%. Most of the decrease is due to the provision of free usage of the Sports Fields to meet the recreation needs of the community residents...
... The Island is currently experiencing an economic boom in real estate with the projected construction of Southtown Building 8 and 9, the completion of phase 1 of the multi‐billion dollar Cornell campus site, and the evolution of the original residential complexes. These developments are the main drivers for the increased revenues and expenses mentioned above. RIOC is contractually and statutorily required to maintain infrastructure and provide adequate service to the Island to accommodate this growth. Accordingly, RIOC is in the midst of significant infrastructure and facilities repairs and improvements as outlined below.
The 1,433-square-foot (133-square-meter), three-bedroom apartment -- with a view of the midtown Manhattan skyline -- sold for $1.87 million according to listing broker Ben Garama of Corcoran Group,...
Apartment rents and co-op/condo sales are skyrocketing on Roosevelt Island. According to Streeteasy, there are 10 Roosevelt Island apartments currently for sale. 7 of those apartments are listed for over $1 million ranging from $1.035 - $1.843 million. The remaining 3 are listed from $800,000 to $925,000.
Also, according to Streeteasy, there are currently 30 Roosevelt Island rental listings with monthly rents ranging from $4,995 to $2,300.
Roosevelt Island, a community built as a place for low and middle income people to live in NYC is more and more becoming a neighborhood no longer affordable to them, particularly with the recent privatizations of former Mitchell Lama Roosevelt Island buildings. The arrival of Cornell Tech campus has also put the once unknown or ignored Roosevelt Island on the map of many seeking to live in NYC and may have a role in increasing rents and condo/coop sale prices here.
But, there may be hope for a return of some affordable housing coming soon to Roosevelt Island.
The Roosevelt Island Operating Corp (RIOC) Real Estate Advisory Committee is meeting tomorrow.According to the 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, August 22, 2017 at 5:30 p.m. at the RIOC Administrative Office, 591 Main Street, Roosevelt Island, New York.
Agenda:
1. Presentation by Crown Castle NG East LLC on Cell Service Infrastructure on Roosevelt Island
2. Chair's Motion for Executive Session to Discuss Proposed Agreements Related to the Southtown Buildings #8 and #9 Developments
3. Any Other Committee Business That may be Brought Before the Committee
***
The Open Meetings Law of the State of New York requires that all public bodies conduct meetings, convened for the purpose of officially conducting public business, in a manner open to attendance by the general public to observe and listen.
The Hudson Related Southtown Building 8 is supposed to have a significant number of affordable housing units although we don't know yet what that means in terms of number of apartments and financial requirements for tenants.
Unfortunately, the discussion of of Southtown buildings 8 & 9 will be in Executive Session, meaning that the public and press will not be able to attend. According to Section 105 of the NY State Open Meetings Law:
... the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof....
Related Companies and Hudson Companies have filed plans for the eighth building in their Riverwalk rental complex on Roosevelt Island.
The developers plan to build a 21-story residential building at 460 Main Street, according to documents filed with the city’s Department of Buildings on Wednesday. The building would have 341 units and span 253,974 square feet....
the beginning of work on the Roosevelt Island East River Ferry Dock or start of construction on new Riverwalk building 8.
I asked Roosevelt Island Operating Corp (RIOC) President Susan Rosenthal what was going on. Ms Rosenthal provided the answer:
New York City Transit and its sub-contractor Simpson & Brown are replacing anodes on the East Side of Roosevelt Island bulkhead to protect the steel shell of the 63rd St tunnel.
Residents of Roosevelt Island's newest luxury rental building, Riverwalk Point, at 480 Main Street, have been out of gas service since September 8. Last week, a Roosevelt Island tipster shared this photo of temporary gas trailer parked in front of 480 Main
and reported:
Emergency gas supply now on 5th day..no cooking in building, Riverwalk Bar & Grill has been on contract supplying breakfast and dinner.
In response to my inquiry about the gas outage, a Riverwalk Point resident replied:
It has been 10 days (since the 8th), we didn't have hot water for 3, but they brought the generator pictured above last Saturday to heat water. On last report Con Ed will be here early next week to inspect and they warned us it may be a few days after that before the safety check is done. There was a gas leak in one of the mechanical rooms. Related has been providing continental breakfast and dinner for the building since last week. Riverwalk Bar and Grill has been supplying all of the food.
Yesterday, I asked Hudson Related's David Kramer, developer of Riverwalk Point:
I understand there was a gas leak at Riverwalk 480 Main Street and that residents have been without gas service for the last 10 days.
Also, due to the gas leak, residents have not been able to cook.
Is that true?
Any statement from Hudson Related on matter including when there will be a return to normal gas service.
Mr. Kramer replied:
We determined that some gas piping needed to be replaced in the gas meter room of Riverwalk Point. The work itself doesn't take particularly long, but there is extensive coordination necessary with both DOB and Con Ed. In the meantime, we've been providing some light fare for the residents at breakfast and dinner to minimize their inconvenience, and we've handed out free electric hot plates for resident use. Needless to say, we are communicating with residents daily about the progress of the coordinating efforts with the agencies.
Riverwalk Point opened on Roosevelt Island in the summer of 2015. Hudson Related plans 2 more buildings (Riverwalk 8 &9) to complete the Riverwalk development in Southtown. Mr Kramer described the placement of Buildings 8 & 9 from the top of Riverwalk Point
during its 2014 construction topping out ceremony.
Developers Hudson Companies and Related Companies refinanced Riverwalk Point on Roosevelt Island with a $75 million mortgage from MUFG Union Bank, both developers confirmed to Commercial Observer.
The financing, which closed on March 24, replaces the original $64.3 million construction loan Union Bank and Bank of America Merrill Lynch provided in November 2013 on the 22-story rental tower, according to David Kramer, the president of Hudson Companies. The new loan carries a seven-year term.
“We completed construction [and] leased up the building, so it was time to refinance out the construction loan,” Mr. Kramer said....
Click here for the full Commercial Observer article.
Hudson Related is currently negotiating with the Roosevelt Island Operating Corp (RIOC) to develop the final 2 sites in Southtown - Riverwalk Buildings 8 & 9.
No information available yet on the terms for developing Buildings 8 & 9.
I spoke with David Kramer in July 2014 at the topping out ceremony for Riverwalk Point Building 7. Here's what he had to say about the new building construction, plans for a large percentage of affordable housing to be included in future Riverwalk building 8
and the layout
for Riverwalk Buildings 7-9.
UPDATE 5:45 PM - I asked RIOC:
Does RIOC get a fee for this transaction similar to what happened at Manhattan Park, Octagon & Roosevelt Landings when there was a refinancing?
A RIOC representative replied:
No. The original deal with Southtown is different and it does not require a payment to RIOC in this instance.
The Roosevelt Island Operating Corp (RIOC) Real Estate Advisory Committee is meeting later today in Executive Session closed to the public. 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 Monday, March 14, 2016 at 5:30 p.m. at Roosevelt Island Operating Corporation Administrative Offices, Conference Room, 591 Main Street, Roosevelt Island, New York.
Agenda:
1. Chair's motion for an executive session to review pending transactions subject to negotiation.
2. Other Committee businesses that may be brought before the Committee.
RIOC Director Howard Polivy may have provided a hint of what was to be discussed at today's meeting during the March 7 Real Estate Advisory Committee meeting (audio web cast here) which was open to the public.
Mr. Polivy advised that there was to be an upcoming meeting to discuss real estate issues involving Octagon, Manhattan Park, Riverwalk Southtown Buildings 8&9 as well as possibly Westview.
... loaded with parks and without a single traffic light, two-mile-long Roosevelt Island has turned into a refuge for city dwellers seeking breathing room and relative affordability. Yet they still get to live just one 90-second F train stop — or a picturesque tram-car ride — away from the Upper East Side.
Starbucks recently opened on the island, plus a big-box pharmacy, sushi restaurant and art gallery called Riva have all opened in the past few years. David Kramer, a principal with real estate development firm Hudson Companies, gushes, “This is not your grandmother’s Roosevelt Island anymore. And it didn’t hurt that Hillary kicked off her presidential campaign here.”
With 326 units of luxury residential rentals and condos soon hitting the market, Roosevelt Island is becoming increasingly alluring for disillusioned Manhattanites and arrivistes to the city. It just might be the new “It” neighborhood for people looking to boost quality of life without going broke. ...
After reading the article, one resident remarked:
... A bit lopsided view of our changing island. 90 seconds to manhattan on the F train ? Not recently....
... The seventh addition to the Riverwalk neighborhood, which is a co-developed venture by Related and Hudson Companies on Roosevelt Island, Riverwalk Point is a 266-unit rental building which began leasing last month.
“You’ve got great transportation access,” continued Schmidt, who admitted that it can sometimes be a challenge to convince home-seekers that the island is in fact a part of Manhattan....
... The 266 studio to two-bedroom rentals start at $2,550 with junior one-bedrooms rising to $2,800 per month. They are followed by one-bedroom/one baths which register at $3,125, and two bedroom/one bath which are $4,225.
The top offerings, a two-bedroom/two bathroom is available for $4,875 a month....
A new Riverwalk resident explains why she moved to Roosevelt Island with her family saying:
... it's our own little quiet piece of heaven....
I spoke with David Kramer last August 2014 at the topping out ceremony for Riverwalk Point (Building 7). Here's what he had to say about the new building construction, plans for a large percentage of affordable housing to be included in future Riverwalk building 8
... So far, 31 units have been gut-renovated and put on the market; 19 of them are sold. Of the 399 apartments in the complex, 160 will ultimately be purchased by outsiders; remaining units are being sold at insider prices to existing tenants or will stay as rentals....
At the December 3, 2014 Common Council meeting, the Common Council will be reconstituting its committees, as well as electing and seating each committee’s chairs. The bulk of the work that the new Common Council will do this term will be completed in these committees. As has been reported in the past, any member of RIRA – and by virtue of one’s residency on the Island, every resident is automatically a member of RIRA – can serve on a committee. Here is a quick glimpse of some of what the committees currently have on this term’s agenda:
The Communications Committee is undertaking an overhaul of the website www.RIRAonline.com. The goal is to transform it to a useful resource for residents seeking current information about activities and groups on Roosevelt Island, and to serve as an electronic repository for official documents. The committee will also be undertaking an initiative to use social media and other forms of electronic publication to keep Island Residents apprised in “real-time” of the ongoing activities of the Island. Residents who are skilled in web development and writing are invited to contact the current Communications Committee chair Janet Falk at janetlfalk@yahoo.com for more details.
The Planning Committee this near term will be largely focused on infrastructure and transportation safety. With the advent of the Cornell campus coming online to full construction-mode in 2015, coupled with the tragic accident involving one of our neighbors who collided with a Red Bus, infrastructure and transportation safety will be the focus as RIRA works to find real solutions for the Island. Recently, the group reported its thorough discussion of the lighting and roadways where bicycle traffic proceeds; bicycle and pedestrian use of the promenades vs. Main Street; and the role of Public Safety in issuing violations for failure to yield and observe stop signs. During just that short discussion, there was general agreement that a traffic light should be installed at the base of the helix; “sharrows” or shared roadway arrows should be painted in the promenade roads; and lighting must be improved at all crosswalks. Pending further research and study, a resolution(s) prepared by this Committee will be submitted to the Common Council to be recommended to RIOC and all City public agencies.
As Hudson Related finishes work on its seventh tower, with the eight and ninth towers waiting in the wings, in 2015 the Planning Committee, Island Services Committee and the RIRA President will be calling for a number of Town Hall meetings and hearings with Hudson Related, RIOC, the City and Island Residents and Stakeholders to study the impacts – including environmental, social and economic impacts – that the construction of the seventh and remaining towers will have on the Island as it struggles with the construction of the Cornell Campus. Similarly, the Main Street Retail Advisory Committee will be pushing for the planning and completion of the lease-up of the remaining retail spaces on Main Street in 2015, setting forth their recommendations for the currently empty storefronts.
The above is just a glimpse of the work and initiatives that the RIRA Common Council Committees will be undertaking this new term. From Government Relations and Housing, to SC&E (Social, Cultural and Education) and Public Safety, there exists a committee which is calling for you, as an Island Resident, to come and serve. Interested in joining a committee or finding out more information? Attend the next RIRA Common Council meeting on Wednesday, December 3rd at 8:00pm in the Good Shepherd Center, or reach out and contact RIRA President Jeff Escobar at jeffrey.escobar@gmail.com.
Turning from service on RIRA Committees to service on the Common Council, an Orientation for New Representatives was held on Thursday, November 20. Topics included procedures of working within committees and bringing motions to the Common Council for discussion, as well as answering questions of new members. In addition, a presentation was made by Mickey Rindler, Chair of the Ethics Committee, on the recent requirements of New York State regarding disclosure of potential conflicts of interest, as well as a presentation by Lynne Shinozaki, a past SC&E Committee Chair, and Sherie Helstien, RIRA Vice-President, on what it means to serve on the Common Council and work being completed by committees.
If you are interested in serving on the RIRA Common Council, which meets monthly, there are still a few seats on the Octagon, Manhattan Park, Southtown and Roosevelt Landings delegations. Take the opportunity to perform direct advocacy by representing your building neighbors on the Common Council. Please reach out to either RIRA President Jeff Escobar at jeffrey.escobar@gmail.com or Aaron Hamburger, Chair of the Nominations Committee, at ashamburger33@gmail.com for more information.
Lastly, as we approach the Thanksgiving Holiday, the RIRA Common Council wishes to extend a joyous Happy Thanksgiving from our families to yours. Please take a moment to look back and reflect on the blessings of this past year, as well as remember those in our community who are less fortunate and in need. Whether through a donation to a local food pantry, handing out food at our City’s overburdened shelters, or pitching in at the dinner at the Senior Center, hopefully each of us will find a way to help everyone have a Happy Thanksgiving.
At the time of this publication, and with your vote this past Tuesday, November 4th, a new board of officers and councilmembers comprising of over 30 of our Island neighbors, residents, family and friends will have been seated to the Common Council. Answering the call to serve the Island and its residents, this new Common Council will be tasked with not only being your voice and your representatives to RIOC, the City and to the State, but with both finding solutions to issues that will have and continue to affect our community, as well as strengthening the community bonds that binds us together. A congratulations is in order not only for those who had put themselves
out there and ran in some highly contentious races, but also to those who had served previously on the past Common Council, those who stepped up to fill seats that would otherwise go unfilled, and to those who helped run and facilitate this term’s election process ensuring that RIRA and its Common Council would continue. It was a privilege to serve with the past Common Council members, and I welcome all who are both returning and new.
With the elections past, now is the time for the Common Council to roll up its sleeves and to get back to the work that it should have been doing for the last two years. The energy and resources that past Common Councilmembers spent on meaningless process, internal scrutiny, targeted conflicts and aggravating internal politics should be redirected to what the Island Community has asked RIRA to do: finding solutions to community issues, making Roosevelt Island a better place to work, play and live, and to be a unified voice for the community.
I will be calling on the Common Council to focus its energies on the following initial initiatives this term which I believe currently affect the community:
working with both Manhattan’s Community Board 8, the Department of Transportation, RIOC, and the City Planning Commission, to conduct a study and find transportation and transportation safety solutions for the Island and the Island roadways for the next five (5) years, including a visioning statement as to the use of alternative means of transportation, improvements to existing means of transportation and how transportation related injuries and deaths can be avoided;
preparation of what is believed to be the environmental, infrastructure, and socio-economic impacts that the development of the three remaining towers being built at Southtown will have on the Island, culminating in a number of RIRA led meetings between Island Residents, RIOC, RIRA and the project’s stakeholders seeking to address and find solutions to these impacts and a community agreement;
the completion of a study and the creation of a Roosevelt Island action plan regarding, the environmental and health impacts to Island residents due to the reinstatement and use of the East 92nd Street Marine Transfer Station;
preparation of an advisory statement on the current state of Motorgate, its services to the Island, and what the residents believe must be done for Motorgate to better serve both those who use the facility as well as those who pass through it;
the repair, mediation and repair of the existing Island infrastructure and early identification of infrastructure problems that pose high community risk; and
safety and patrol initiatives for the North of the Island.
The preceding is hopefully a fraction of work that the Common Council must and will accomplish this year; others on the Common Council will similarly have their own initiatives which they will wish the Common Council to undertake.
Do you have initiatives that you believe the Common Council and RIRA should focus its sights on? Do you believe you have talents and experience to bring to the table that will accomplish these goals and initiatives? Consider joining a committee during this term or even possibly filling a seat on the Council that remains unfilled. Reach out to myself, as RIRA President, at any time at jeffrey.escobar@gmail.com.
The age of infighting and internal strife and politics for RIRA and the Common Council is over. It’s time for all of us, Common Council members, community members, residents, stakeholders and partners alike, to come to the table and once again work for the betterment of the Island and its residents. I look forward to this new age and working with you all as your RIRA President.
UPDATE 7 PM - RIRA President Jeff Escobar presented his first President's Report to the new RIRA Common Council on November 5. Mr. Escobar discussed the responsibilities of RIRA members including serving on Committees and sought members to serve on the Roosevelt Island Community Coalition which monitors the activities of Cornell Tech on Roosevelt Island.
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.
