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
3.
Authorization to Approve Amendment
of Lease with Riverwalk 8 Housing Development Fund Corporation and Riverwalk
8, LLC for Southtown Building #8 (Board Action Required)
... The Proposed Budget FY 2021‐22 projects capital improvements in the amount
of $11,910,000, a decrease of $27,882,000 over the Approved Budget FY 2020‐21
amount of $39,791,000....
... RIOC’s Proposed Budget FY 2021‐22 projects revenues of
$32,809,000, a decrease of $2,766,000 or 7.78% over the Approved Budget FY
2020‐21 amount of $35,575,000....
.... Commercial rents are projected to increase by $46,000 or 2.78% due to
contractual escalations.
Tramway revenues are projected to remain at same level as the Approved
Budget FY 2020‐21....
... For grant and community support, the Proposed Budget FY 2021‐22 includes
an extraordinary expense of $1,340,110, an increase of $172,519 over the
Approved Budget FY 2020‐21 amount of $1,167,591. This is mainly due to
increased costs for community service and the allocation of youth center
personnel cost to support such service....
RIOC attributes most of the decrease in capital improvement spending to the
completion of various projects, rescheduling of Sportspark renovation to
fiscal year 2022-23 and the postponement of work on Dayspring Church and
Motorgate Plaza/Atrium (RIOC Budget Page 1). Not sure what work on Dayspring Church was scheduled since it is now The
Sanctuary, a private Events Space/future restaurant.
The proposed budget does not address impact of Coronavirus Pandemic on
commercial rent and Tramway revenue.
Another item on RIOC Board Agenda for tomorrow is an
Amendment to Riverwalk Building 8 Ground Lease
which releases the developer, Hudson Related (Tenant), from constructing a
Comfort Station at Firefighters Field and:
... instead have Tenant pay RIOC the sum of $1,000,000 in full satisfaction of
its obligation under the Building 8 Lease with respect to the Comfort Station
Work, so that RIOC will have those funds available for other construction
projects on Roosevelt Island.
Reaction from Roosevelt Island Historical Society President Judy Berdy and Roosevelt Island Residents Association President Rossana Ceruzzi.
From Ms Berdy, deliberately all in CAPS:
YOU ARE HOISTING FRAUD ON THE ISLAND AGAIN. MEETINGS WITH NO PUBLIC INPUT ARE A SHAM
TEARING DOWN OUR CHERRY TREES TO BUILD A BIKE RAMP IS A JOKE. WE HAVE SEEN BIKERS DO NOT GIVE A DARN ABOUT SAFETY AND WILL STILL GO DOWN THE HELIX!!
WE GET A FEW DOZEN BIKERS ON A WEEKEND. THERE IS NO GROUNDSWELL OF BIKE RIDERS HERE.
LOOSING ANOTHER GREEN AREA IS SHOWING THE CONSTANT REMOVAL OF GREEN FOR CEMENT AND UN-NECESSARY PROJECTS..
WE HAVE NOT SEEN ANY RENDERING OF PLANS IN A YEAR, PRINCE SHAH...WHERE ARE THE PLANS IN A PUBLCI PLACE?
WE DEPERATELY NEED BATHROOMS AT FIREFIGHTERS FIELD. THE ONE BATHROOM AT THE TRAM CANNOT SERVICE THE DOZENS OF TOURIST AND ATLETES WHO NEED TO RELIEVE THEMSELVES. I ASSUME RIOC'S RESPONSE IS TO USE THE TREES AS TOILETS.
THIS PANDEMIC HAS LEAD TO AN EPIDEMIC OF BAD DECISIONS BY RIOC.
OUR PUBLIC SAFETY LEADERSHIP IS M.I.A.
WE HAVE NEW, INEXPERIENCED OFFICERS, WHO KNOW LITTLE OF THE ISLAND AND HAVE NOT BEEN TAUGHT HOW TO DEAL WITH THE PUBLIC. THEY ARE BODIES, BUT NO SOUL FOR THE JOBS......ROBO-OFFICERS. WHERE IS TRAINING AND INTERPERSONAL INSTRUCTION KEVIN?
SHELTON-
TIME TO BE OPEN AND HAVE PUBLIC COMMENTS AT THE FAUX-MEETINGS. TIME TO TAKE OFF YOUR MASKS AND BE OPEN AND PUBLIC.
From Ms Ceruzzi:
This is an open statement expressing opposition to the “Bike ramp” as listed in the 12/29/20 RIOC Board of Directors Agenda under “New Business”.
While it is always important to treat the community with respect, it is very important to do so when controversial plans are being discussed. This project it's yet another rush through job that has NOT been presented to the community for consideration and when residents feel ignored or pushed around, dialogue becomes difficult. This is another project that will chop down trees in exchange for a bike ramp. Do we have any alternatives? What is the purpose of it? Who will it serve? Why has the escalator been out of service for over a decade? Escalators that would provide service to seniors, disabled and alleviate the congestion on the elevators at Motorgate?
Most importantly the idea that RIOC is holding Board meetings where the public or Island representatives cannot speak up is unacceptable. Why were the public sessions stopped?
How can the community participate in the formulation of plans if no public session is held?
The pandemic should not be used as "the" excuse not to have public sessions in fact, Elected Officials have been holding Town Halls via Zoom platform regularly.
RIOC needs to be accountable to the community and the bottom line is that communicating with the community is a crucial attribute for the successful outcome of any venture.
We urge RIOC to reconsider this plan.
UPDATE 6:30 PM:
The Bike Ramp authorization was removed from RIOC Board Agenda tonight for further study.
UPDATE 9:30 PM - The RIOC Budget and Riverwalk 8 Lease Amendment were approved. Firefighters Field comfort station deferred.
$1 million allocated for Comfort Station to be used by RIOC for "Health & Safety" projects instesd. RIOC staff did not say what are Health and Safety projects and none of the Board Directors asked.
UPDATE 12/30 - Here's video of the RIOC Board discussion about the proposed Motorgate Bike Ramp.
Related & Hudson Companies would like to invite residents of Roosevelt Island to an exclusive first-look at Riverwalk Park on June 6th at 12 pm. Riverwalk Park will be 100% affordable for individuals and families that earn between 40-165% of the Area Median Income. Fifty percent of the units are reserved for current residents of Manhattan Community Board 8.
We’ll talk timing, the application process, and we’ll detail exactly how we calculate your income and assets for this program. More than anything we wanted an opportunity to talk to you. Please don’t forget to RSVP.
Rents and corresponding household income ranges are based on 40%, 50%, 80%, 130%, 165% Area Medium Income (AMI). The AMI for a family of 4 in New York City is $113,700. Eligible incomes for Roosevelt Island Riverwalk Park range from $20,298 (1 person studio) to $232,650 (7 person 3 bedroom) depending on apartment and household size.
The total number of Riverwalk Park affordable housing units appeared to have decreased from 340 as originally proposed to 313 units. A Related representative explains the reason:
There are a total of 340 residential units in the building, but the building will have 27 units set-aside for formerly homeless households. Those 27 units will not be available via the lottery process, because the City keeps a list of formerly homeless households that will be the only households eligible for initial lease-up of those units.
Here's the breakdown of Riverwalk Park affordable housing units by size,price and household number.
I asked Hudson Related Roosevelt Island Southtown Riverwalk developer David Kramer:
... any update on Riverwalk affordable housing building 8? A web site for the building that will show unit types, area medium income ranges and projected rents. was supposed to be available last summer?
... 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.
NYC 2019 Area Medium Income (AMI) for a single person is $74,700. For a family of 2, AMI is $85,400 and for a family of 4, AMI is $106,700.
... The building contains 81 studios, 158 one-bedrooms, 51 two-bedrooms, and 50 three-bedrooms. The application process will launch in 2020 through Housing Connect – New York City’s housing lottery system. Depending on family and apartment size, income-level based rents will vary from a minimum of $505 a month for a studio to $3,431 for a three-bedroom....
According to a press release excerpt from Roosevelt Island real estate developer Hudson Related:
Related Companies and The Hudson Companies today announced the topping out of Riverwalk Park, a 100 percent affordable, 340-unit building at 460 Main Street on Roosevelt Island. Related and Hudson broke ground on the 21-story building in January. Riverwalk Park, planned as an Enterprise Green Communities Certified building, is the first newly constructed, permanently affordable housing ever developed on Roosevelt Island, is expected to be completed in 2021, bringing much needed affordable, middle-income and workforce housing to the Island and New York City....
.... The building contains 81 studios, 158 one-bedrooms, 51 two-bedrooms, and 50 three-bedrooms. The application process will launch in 2020 through Housing Connect – New York City’s housing lottery system. Depending on family and apartment size, income-level based rents will vary from a minimum of $505 a month for a studio to $3,431 for a three-bedroom....
Image Today Of Roosevelt Island Riverwalk Building 8 Under Construction
According to Mr. Kramer, construction of the 21 story Riverwalk 8 is on schedule with expected completion in 4th quarter of 2020. Currently, 1 floor is being done every 3 days and topping out is planned for July.
As previously disclosed, Riverwalk Building 8 will have a 50% community preference for the affordable housing lottery. The preference is for residents residing in Community Board 8 which includes Roosevelt Island and the Upper East Side. Efforts to have the community preference limited to Roosevelt Island residents only has so far been unsuccessful, although both Mr. Kramer and RIOC have said they would love to do it if allowed by their financing agreements.
Building 8 will also include mobility impairment and municipal employees lottery preferences.
Hudson Related will begin Building 8 marketing efforts starting this summer with a web site that will show unit types, area medium income ranges and projected rents.
In late spring/summer 2020 Hudson Related will begin local media advertising, distribute flyers and conduct informational seminars on how to apply for the affordable housing units using NYC Housing Connects. 4 months prior to the expected start of unit leasing, the Housing Connects lottery will commence. Leasing is expected to begin in December 2020/January 2021.
Building 8 will offer same services amenities as other Riverwalk building except there will be no outdoor rooftop deck....
(i) 3% of the 341 units will be reserved as Homeless Units,
(ii) 3% of the units will be reserved for very low-income families with household incomes of 40% of AMI,
(iii) 14% of the units will be reserved for families with household incomes of 50% of AMI,
(iv) 10% of the units will be reserved for families with household incomes of 80% of AMI,
(v) 20% of the units will be reserved for families with household incomes of 100% of AMI, and
(vi) 50% of the units will be reserved for families with household incomes of 130% of AMI.
This breakdown provides an even greater degree of affordability than was set forth in the Fifth Amendment.
NYC 2019 Area Medium Income (AMI) for a single person is $74,700. For a family of 2, AMI is $85,400 and for a family of 4, AMI is $106,700.
Here's video of the full RIOC Real Estate Committee discussion with Hudson Related about Riverwalk buildings 8 as well as building 9 which is scheduled to close at end of 2019 and construction to start soon thereafter. Building 9 will be a market rate rental that will include staff housing for an Upper East Side medical institution.
Below is the full Hudson Related Roosevelt Island Riverwalk building 8 press release:
Related Companies and The Hudson Companies today announced the topping out
Images from Kayla Parker
of Riverwalk Park, a 100 percent affordable, 340-unit building at 460 Main Street on Roosevelt Island.
Images from Kayla Parker
Related and Hudson broke ground on the 21-story building in January. Riverwalk Park, planned as an Enterprise Green Communities Certified building, is the first newly constructed, permanently affordable housing ever developed on Roosevelt Island, is expected to be completed in 2021, bringing much needed affordable, middle-income and workforce housing to the Island and New York City.
Images from Kayla Parker
“The realization of Riverwalk Park is the continuation of Related’s nearly half century commitment to affordable housing and a focus on creating housing opportunities for all New Yorkers,” said Bruce Beal Jr., President of Related Companies.
“We started the development of the Riverwalk neighborhood in 1997, and we’re excited to add to this wonderful neighborhood of affordable housing, rentals, condominiums and housing for non-profit institutions,” said David Kramer, President of The Hudson Companies.
“Hudson is proud to reach this major milestone for our eighth building with Related in the Riverwalk neighborhood," said Alex Kaplan, Project Manager of The Hudson Companies. "Roosevelt Island is a unique and beautiful place and now 340 more families will be able to call the area home.”
Jamar Adams, Vice President of Related Companies added, “This beautiful new building will offer critical housing to our City’s working families and continue to support Roosevelt Island’s renaissance as a vibrant diverse community.”
The $135.8 million Riverwalk Park project was funded through a $19.8 million permanent subsidy loan provided by New York City Department of Housing Preservation and Development, $12.9 million in new volume cap exempt bonds provided by New York City Housing Development Corporation, and a $12.5 million loan from New York State Homes and Community Renewal under its Homes for Working Families program. Citi Community Capital served as the project's senior lender. Sixty percent of Riverwalk Park’s units will be permanently affordable, with the remaining 40 percent affordable for 40 years.
Designed by Handel Architects, Riverwalk Park will house a mix of studio, one-, two-, and three-bedroom apartment homes, and offer a full suite of amenities to its residents. The building contains 81 studios, 158 one-bedrooms, 51 two-bedrooms, and 50 three-bedrooms. The application process will launch in 2020 through Housing Connect – New York City’s housing lottery system. Depending on family and apartment size, income-level based rents will vary from a minimum of $505 a month for a studio to $3,431 for a three-bedroom.
Riverwalk Park is the eighth building developed by Related and Hudson in the Riverwalk neighborhood of Roosevelt Island. As part of the project, the development team, in partnership with Monadnock Construction, will also oversee renovation of Firefighters Field on Roosevelt Island, which includes a field relocation, the installation of park lighting, and the construction of a new neighborhood comfort station. Riverwalk Park, Firefighters Field and a comfort station are located adjacent to the recently opened Astoria Ferry Line.
A Roosevelt Island tipster forwards this email obtained from Related Management announcing the re-opening of waiting list for affordable housing apartments in the Riverwalk Landing #4 (425 Main Street)
luxury apartment building.
Dear Applicant,
Thank you for your interest in Riverwalk Landing #4. This exciting complex on Roosevelt Island has opened its waiting list for studio, one, and two-bedroom apartments under an affordable housing program. Riverwalk Landing #4 is a luxury site featuring spacious modern apartments with a washer/dryer in each unit, a 24-hour attended lobby, on-site resident manager, health club, children’s playroom, rooftop party room and storage bins. (Please note that some amenities require a fee.) Roosevelt Island has easy access to both Manhattan and Queens.
Enclosed is a preliminary application. Please read through all sections carefully and print your responses clearly and thoroughly. All areas of the application must be completed where applicable or it cannot be processed.
The above-mentioned apartments are being made available to households with the following annual minimum and maximum income levels:
In regard to unit assignments, please note that a 2-person per bedroom standard will be applied for maximum occupancy consideration and that a 1-person per bedroom standard will be applied for minimum occupancy consideration. Example: A 3-person household may be considered for a 2-bedroom or 3-bedroom unit if the site has those unit types available. Your application will only be considered for those unit sizes you check on the front page of the application.
Completed applications will be logged on a first-come first-served basis.
When completed, this application may be returned by regular mail to the address below, or by email to ahgadmin@related.com.
Only the application should be submitted at this time. If your application is selected for further processing, additional information will be requested at that time.
If any applicant willfully submits false information, misrepresentations, or incomplete information, his/her application will be rejected.
Please make sure the head-of-household has filled out the entire application as completely and accurately as possible, signs the application, and then sends it to:
Related Management
PMB #6174
1 Penn Plaza
New York, NY 10119
We look forward to receiving your application.
Very Truly Yours,
Related Management
The Tipster adds:
I hope lots of islanders apply ASAP.
According to Related representatives:
... they’re reopening the waiting list for building 4, Riverwalk Landing, which has 25 affordable units. Usually what happens is that there’s an initial list from the initial lottery, and at some point it gets stale or depleted and they re-open it.
but none of the units are currently available.
Below is the application for Roosevelt Island 425 Main Street Building 4 affordable housing units.
As previously reported, Hudson Related currently has under construction across the street from 425 Main Street at 460 Main Street,
a 341 unit affordable housing building scheduled to open in December 2020/January 2021:
.... Riverwalk 8 is the eighth building completed by Hudson and the Related Companies in the Riverwalk neighborhood. The building’s 341 units are available exclusively to low-income, middle, and moderate income households ranging from 40 to 165% of AMI. The building contains a fitness center, yoga studio, children’s playroom, bike storage, party lounge, game room, library, and a 24-hour attended lobby....
... In late spring/summer 2020 Hudson Related will begin local media advertising, distribute flyers and conduct informational seminars on how to apply for the affordable housing units using NYC Housing Connects. 4 months prior to the expected start of unit leasing, the Housing Connects lottery will commence. Leasing is expected to begin in December 2020/January 2021....
Hudson Related is expected to post a web site this September with unit types, income ranges and projected rents for Riverwalk 8 at 460 Main Street.
Here's Hudson Related's David Kramer talking about currently under construction Riverwalk Building 8 and the future market rate rental Riverwalk Building 9 during May 29, 2019 Roosevelt Island Operating Corp (RIOC) Real Estate Development Advisory Committee meeting.
... 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....
About 3:30 this afternoon, a very, very loud BOOM was heard in the Southtown Riverwalk Commons area of Roosevelt Island. Customers and workers from Starbucks, Jupioca, Nisi, Fuji East and people walking by at the time were shaken and frightened by the sound and looking towards the Queens side of the East River wondering what happened.
The Boom noise was less than a second and did not re-occur calming everyone.
Roosevelt Island Operating Corp (RIOC) Public Safety Department Deputy Chief Kevin Brown explains the cause of the BOOM:
There was a loud noise in Riverwalk 8 construction site. The cause of the loud noise was a puncture in the tire of a work truck. There were no injuries or damage to any person or property. Construction site is operating under normal condition.
Riverwalk 8 is the eighth building completed by Hudson and the Related Companies in the Riverwalk neighborhood. The building’s 341 units are available exclusively to low-income, middle, and moderate income households ranging from 40 to 165% of AMI. The building contains a fitness center, yoga studio, children’s playroom, bike storage, party lounge, game room, library, and a 24-hour attended lobby.
According to Mr. Kramer, construction of the 21 story Riverwalk 8 is on schedule with expected completion in 4th quarter of 2020. Currently, 1 floor is being done every 3 days and topping out is planned for July.
As previously disclosed, Riverwalk Building 8 will have a 50% community preference for the affordable housing lottery. The preference is for residents residing in Community Board 8 which includes Roosevelt Island and the Upper East Side. Efforts to have the community preference limited to Roosevelt Island residents only has so far been unsuccessful, although both Mr. Kramer and RIOC have said they would love to do it if allowed by their financing agreements.
Building 8 will also include mobility impairment and municipal employees lottery preferences.
Hudson Related will begin Building 8 marketing efforts starting this summer with a web site that will show unit types, area medium income ranges and projected rents.
In late spring/summer 2020 Hudson Related will begin local media advertising, distribute flyers and conduct informational seminars on how to apply for the affordable housing units using NYC Housing Connects. 4 months prior to the expected start of unit leasing, the Housing Connects lottery will commence. Leasing is expected to begin in December 2020/January 2021.
Building 8 will offer same services amenities as other Riverwalk building except there will be no outdoor rooftop deck.
Following the Riverwalk 8 discussion, Mr Kramer reported that the 28 story Riverwalk Building 9 will be similar to Riverwalk 7, a market rate rental. Mr Kramer noted that Hudson Related intends to sell the base of the building to an East Side medical institution for staff housing and retain the balance of floors for rental units with 7 thousand sq ft for a new RIOC office space HQ (4000 on ground floor, 3000 in lower level).
Mr Kramer informed the RIOC Real Estate Committee that previous Hudson Related Roosevelt Island Riverwalk buildings sold their base as a condo but cannot do that any longer on a new Roosevelt Island project because NY State Law restricts condo use if there is less than 50 years remaining on the ground lease. Roosevelt Island ground lease expires in 2069. Mr Kramer is seeking some other type of legal structure, co-op or Master Lease for instance, to be able to sell off the base of Riverwalk 9.
Hudson Related hopes to close the deal for Riverwalk 9 by the end of 2019 and begin construction soon therafter which will mean a 1 year overlap of Rivrwalk Building 8 and 9 construction.
Mr Kramer added that the Commons Area between Riverwalk Buildings 8&9 will be:
... Chock full of recreational and passive open space...
with hammocks, bocce ball courts, small dog play area, seating and ping pong which will be maintained and administered by RIOC.
According to this excerpt from December 26, 2018 Open Area Agreement between RIOC and Hudson Related:
.... improvements to an outdoor area located in between the sites for Buildings 8 and 9, as shown as the cross-hatched area on the diagram attached hereto as Exhibit A (such area being referred to as the "Outdoor Area").
The Outdoor Area will be constructed by the Building 9 Tenant at its own cost and expense, in accordance with plans approved by RIOC, with a budget for such work to be reasonably approved by both RIOC and Developer. The Outdoor Area, to be referred to as "Commons East", will be improved with a mixture of active and passive uses, including lawns, landscaped areas, climbing structures, ping-pong tables, hammock areas, porch swings, lounge decks, picnic areas, paved pathways, bench seating, and shrub and tree plantings, with adequate outdoor lighting and trash receptacles. Landscaped areas will be graded, and grassy areas will be seeded. The Outdoor Area will have a drainage system capable of draining all storm water runoff from the site. Construction of the Outdoor Area will be performed in accordance with the terms of the Building 9 Lease.
The Outdoor Area will be open to the public, and will not be restricted to the use of residents of Buildings 8 and 9 only. RIOC will not provide any utility service to the Outdoor Area and makes no representation as to availability of utility service to the Outdoor Area. The Building 9 Tenant will, at its expense, arrange to provide electric service to the Outdoor Area directly with the public utilities providing such service. RIOC will deliver the Outdoor Area to Tenant vacant and in its then "as is" condition, and will not be obligated to make any representations or warranties of any kind with respect to the condition of the Outdoor Area, including, without limitation, any subterranean conditions.
Here's video of the full RIOC Real Estate Committee discussion with Hudson Related about Riverwalk buildings 8&9.
The Roosevelt Island Operating Corp (RIOC) Real Estate Advisory Committee (REDAC) is meeting next week to discuss the status of currently under construction
Riverwalk Building 8 (341 units of affordable housing) in a session open to the public. Followed by an Executive Session discussion, closed to the public, about ground lease negotiations for the future Riverwalk Building 9 (market rate rental) as well as amending the Manhattan Park ground lease.
According to the May 29 RIOC REDAC Agenda:
PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Wednesday, May 29, 2019 at 5:30 P.M. at the RIOC Administrative Office, 591 Main Street, Roosevelt Island, New York.
AGENDA:
Status Report on Southtown Building 8
Chair’s Motion for Executive Session to Discuss:
Ground Lease Negotiations for Southtown Building 9
Ground Lease Amendment Negotiations for Manhattan Park
Any Other Committee Business That May be Brought Before the Committee.
Will update when more is learned about these matters.
It was an arranged marriage. We didn’t know each other; we hadn’t worked with each other before. And when we started, we weren’t quite sure how it would work. It’s been a 20-year relationship that expanded to us taking over all the retail on Roosevelt Island together.
Did you know it was going to be a 20-year project when you started?
No. We almost sent in a resignation letter. I mean it didn’t seem as sexy to be designated to work with Roosevelt Island [in the 1990s]. I drafted a letter saying, “No thanks, love and kisses, Hudson.” But I was chatting with some colleagues, and they said that seems like too good of an opportunity to turn up. So I put the letter away. But getting there … we didn’t start construction until December 2001...
Click here for entire The Real Deal interview with Mr Kramer.
Hudson Related is currently in construction on Riverwalk 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....
and here's video
of Mr. Kramer with his Related colleagues discussing the affordable housing plan with RIOC Real Estate Advisory Committee during November 7, 2018 meeting.
During the November 7 meeting, Mr. 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.
For many people, the weekend is a time for a little bit of peace and quiet, especially early in the morning.
But for at least the last 2 Saturdays, the peace and quiet of some Roosevelt Island residents in Southtown was disturbed by the sounds of loud jackhammers at the Hudson Related Riverwalk 8 affordable housing building construction site (460 Main Street).
A Roosevelt Island resident reported Saturday, February 2:
Loud construction is normally not allowed in NYC on weekends. However, the new construction site has been jackhammering away all Saturday morning. How is this allowed? Our concierge seems to think RIOC is responsible. It’s really, really noisy!
The Department of Buildings allows for construction Monday to Friday between 7 AM and 6 PM. Construction done without an approved variance on weekends or on weekdays before 7 AM or after 6 PM is not allowed. Owners of one- or two-family homes may make alterations or repairs on Saturday and Sunday from 10 AM to 4 PM if their home is more than 300 feet from a house of worship.
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.
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.
