Wednesday, June 4, 2008

NY Sun: Tram Outage at Time of Island Growth

Tomorrow's New York Sun, June 5, 2008, includes an article, available online now, by Real Estate Reporter Candace Taylor, which examines the convergence of the planned 2009 Roosevelt Island Tram outage with the increase in housing stock on the island. I spoke with Ms. Taylor a couple of weeks ago in prep for her article and outlined my concerns regarding these issues.

As expected the sales staff at Riverwalk see no issue due to the existence of the subway station despite our consistenly losing weekend service due to construction and security projects. Only Bruce Becker, the Octagon's developer, proactively began steps to bring another mode of transportation to the Island which hopefully will be operational by the Tram's outage. The question is will that even fill the need.

In 2006 when the Tram was offline for 4 months only two to three of the Riverwalk buildings were occupied. By the time the Tram goes offline six of the planned nine buildings will be open and filling up. During the last outage the Octagon had only just opened and now it is fully operational. As State Assembly Member Micah Kellner indicates the island is "literally bursting at the seams". This outage will truly test the limits how far the F train and Red Buses (to Queensboro Plaza) can handle the expected growth.

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