Riverwalk Rappelling Club on Roosevelt Island

In an effort to provide increased services and amenities, Hudson / Related has started a rappelling club at the Riverwalk complex on Roosevelt Island in the hope that it will induce a greater number of individuals to buy condos at the newest two buildings still under construction.

To see the pictures by "grantrjones" of club members in action you link here to the photos on Flickr.

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The pictures had been posted here but were removed at the request of "grantrjones" as they were posted here without permission in error.

Roosevelt Landings?

Urban American is in the process of premiering a new "Roosevelt Landings" website and a new advertising campaign to attract new Roosevelt Island tenants based on the two very large banners put up this past week facing Main Street. If there are more I have not yet seen them. At first I thought they read "Riverwalk" but that made no sense.

Obviously taking their cue from Riverwalk where the bigger the sign the bigger the hopes of attracting new families, Urban American decided the time must be right with all the young families coming to the island these past two weekends for the very successful Hudson / Related (i.e. Riverwalk) sponsored Roosevelt Island KidFest events held to date (according to my young children) and scheduled for the remaining two October weekends.

The website the banners direct viewers to is not yet operational and I admit the design of half letters is lost on me. More to come as we all see it. Does this mean Eastwood will no longer be Eastwood? Will Dick Lutz have to change the name of the Main Street WIRE to the Main Street WIRRL?

Roosevelt Island Real Estate Hot Topic

Apparently Roosevelt Island real estate is a hot topic today. It all started with an article by Leigh Kamping-Carder in The New York Observer which was then picked up by Curbed, Runnin' Scared of the Village Voice and Gothamist. Pretty cool.

Welcome amNew York Readers !

For those of you looking to learn more about Roosevelt Island that found this little blog via today's amNew York real estate article (online, paper) welcome to the neighborhood and feel free to wander around and see if any of our past posts are of interest to you.

Leasing Agents Posing as Prospective Tenants ?

A YouTube contributor under the name "OctagonNYC" has posted a video (direct link) of a ABC News Nightline segment that focuses on real estate properties being converted into residential properties from past lives as asylums, such as the Octagon, and other non residential uses.

The focus of this presentation is however not the benefits of re-use but the assertion that a current Octagon leasing agent posed as a prospective tenant for purposes of the video shot. It is unclear if "OctagonNYC" is a current Octagon tenant or not or what prompted them to post this video other than the assertion of this act by the leasing agent.

I can't speak to the veracity of the assertion being made but the video shot is representative of individuals looking for what they hope is better value for their rental dollars.

Rendering of Riverwalk Complex - Southtown

Earlier this evening I had been replying to a number of posts on Wired New York where I posted the above image of the Southtown Riverwalk Complex. I thought I might as well share it here as well. I was responding to a request as to what are the names / addresses of the buildings closest to the Tram. Double click the image to enlarge it.

You have to admit the complex as itis shaping up is quite impressive and the plaza behind the subway station is becomming the new center of the Island from a retail / culinary perpective.

How Would Roosevelt I. Change if Keyspan Plant Sold to Developers?

There is an article in today's NY Daily News , February 29, 2008, that included the news that the Ravenswood Keyspan Plant is up for sale. As stated in the article if it would be sold to real estate developers it is possible the plant could be taken down.

This is highly unlikely as the plant is one of only a few plants generating power for NYC. But can you imagine if the plant were dismantled and this area of Long Island City developed for residential use how it would impact Roosevelt Island?

The change in views alone would alter the real estate desirability (and affordability) of the island not to mention severly increase the air quality of the island and all of Western Queens.

Empire State Devel Corp. Formally Votes to Postpone Roosevelt Island Tax Equiv. Bill Increases

The Empire State Development Corporation formally voted Thursday, February 21, 2008, to authorize postponement of Tax Equivalency Payment increases for North Town Phase II Houses, Inc. and North Town Phase III Houses, Inc. on Roosevelt Island, which currently have Ground Leases with the New York State Urban Development Corporation.

It's always comforting when you finally see this type of information formally voted and passed. Although I am unsure why the vote took so long to occur after the ESDC and the DHCR formally announced this same decision at the end of last month.

City Comptroller Responds Regarding Kellner's Concerns at Eastwood

NYC Comptroller William Thompson has issued a letter to Assembly Member Micah Keller regarding concerns regarding Urban America’s management practices and issues concerning the tenants of the Eastwood apartment complex. Assembly Member Kellner had written the Comptroller as NYC pension funds had been invested in the City Investment Fund, Urban America’s partner in the purchase of the Putnam Portfolio which included Eastwood.



The New York Observer in September, 2007 reported on the City’s interest in CIF and possible concerns regarding affordable housing issues.

The full letter response can be read by double clicking the below image file.

Will Southtown Include Affordable Housing?

The question regarding whether Southtown will include affordable housing is one that the NYS Division of Housing and Community Renewal and the Spitzer Administration has to face head on. To date the marketing of the existing four buildings has certainly been upscale and the prices to back that up. The issue of affordability has again been highlighted by the very public sale of 58 units to NYU on top of past building sales to Memorial Sloan Kettering and Weill Cornell Medical College. Nothing has been issued to indicate the next five would marketed any differently.

The General Development Plan requires 40% of the planned units offered to be affordable and occupied by low- and middle-income residents.

The question has now been raised in a direct letter, dated January 29, 2008, to DHC Commission Deborah Van Amerongen how the GDP requirement will be met and what the DHCR is doing to ensure it is. The letter is jointly signed by US. Representative Carolyn Maloney, State Senator Jose M. Serrano, Asseembly Member Micah Kellner, Manhattan Borough President Scott Stringer and City Council Member Jessica Lappin.

The question how will Hudson / Related the developers ensure that they meet the 40% requirement can have long lasting effects. When Northtown Phase 2 was constructed builders set aside, to my knowledge, all of 2 and 4 River Road to meet the affordability percentage requirements they were required to meet. Because these units were separated from the rest of Manhattan Park reports have been that the management and upkeep of these buildings have suffered. Will Hudson / Related do the same? Will the same result occur again.

It will be interesting to see how this develops, pardon the pun, and how the developers respond to the letter from our elected officials. On one hand the State had no trouble taking money for the Southtown development rights but will they now uphold the GDP as law as they are trying to do by keeping the remaining three WIRE buildings, in Mitchell-Lama, as affordable housing.

Quick Updates: Rivercross Votes to Begin Privatization

According to one unofficial report the tenants of the Rivercross building have voted to initiate the privatization process and exit the NYS Mitchell-Lama program. Supposedly the voting results closely mirrored that of the Dec 2007 vote voided by DHCR. In that vote, according to the Dec 15, 2007 Main Street WIRE, approximately 84% of the voting tenants voted Yes to begin the privatization process. Yesterday's vote would authorize the Rivercross Board of Directors to file the appropriate paperwork with the DHCR of their intention to exit Mitchell-Lama.

It is unclear still what percentage of apartments voted in this process or how many apartments could not vote due to the fact that their owners were out of town and not allowed to vote due to the DHCR rule that “first” votes are not allowed to include votes by proxy. I am guessing the official results will be posted by tomorrow and slipped under each tenant’s door.

UPDATE from the Main Street WIRE:

From: Dick Lutz / The Main Street WIRE
To: wire-bulletin@nyc10044.com
Sent: Wednesday, January 30, 2008 9:41 PM
Subject: Rivercross Votes to Pursue Privatization

"Rivercross shareholders voted today to move ahead on privatization in the first of three required votes. With about 80% of the apartments in the building voting, there were 229 yes votes, and 58 no votes. This first vote in the series of three is a restart of the process, implemented after DHCR disqualified, as the first vote, a vote taken in 1996. The second vote is now expected within a couple of months -- probably in March, according to building Treasurer Steve Kaufman. "

Daily News: Roosevelt I. "A New Look"

The New York Daily News ran today a pretty standard real estate article, today, January 25, 2008, regarding Roosevelt Island hitting all of the basics: buildings, transit, retail, schools, history.

The article, as noted in the image above, is titled "Roosevelt Island: Is this the start of a new look?" This stems from their review of the newer developments of the Octagon and the Riverwalk complex in Southtown.

Assembly Member Kellner Confirms ESDC FMV Real Estate Tax Bills Rescinded

In a press release issued today Assembly Member Micah Z. Kellner (65th AD) confirms that ESDC Chairman Patrick Foye has rescinded the FMV real estate tax equivalency bills issued to Island House, Rivercross and Westview.

ESDC's decision puts a greater burden now on the Rivercross Privatization Committee as that buildings anti-privatization tenants will claim that the state no longer has a loaded gun to their heads and other avenues might be worthy of exploration regarding securing financing for capital projects and other issues. Pro-privatization tenants will still argue that the building has a right to leave the Mitchell-Lama program and that they expect that their plan is worthy of exploration which is all the upcoming vote is really for next week. But even such exploration has a price and it is expected to cost a few hundred thousand dollars to go through such a process.

A few excerpts of the Assembly Member's press release are as follows:

"ESDC has decided to rescind the tax bills sent last September to Westview, Island House, and Rivercross and to continue to allow the buildings to receive their tax exemptions as long as they remain in the Mitchell-Lama program. I’m glad to see, after six months of playing keystones cops, that the administration has finally come to its senses and rescinded this unfair tax bill."

“I could never understand how the administration could argue that threatening to raise taxes was an appropriate tactic to bullying struggling tenants and shareholders into remaining in the Mitchell-Lama program. This was a dangerous game of chicken that could have gone horribly wrong, costing thousands of families their homes."

“Let’s not kid ourselves, this issue is far from settled and the devil is always in the details. As we go forward I will continue to monitor the situation to ensure that the ground lease amendments are negotiated in such a way such that retroactive, unfair taxes are never again a possibility that looms over the heads of Islanders.”

NYU Geography: Roosevelt Island sits in the Hudson River

I know it was just a simple mistake but I am sure the writer would not be thrilled by their grade in geography if their NYU professor saw the caption to the picture that accompanied the linked article. Contrary to that caption Roosevelt Island sits in the East River. I guess the Hudson River is more upscale and would help sell faculty apartments.


Update:

The photo caption was eventually corrected to the "East River". I guess my comments posted to the article were noticed. My apologies but I tend to get touchy about where our Island is placed.

Roosevelt Island for Sale - Part 2

Apparently there is a blog related to the Private Islands Online real estate website offering that Montana Roosevelt Island for sale. The blog Islomania is restating the "history" that the Island was bought by Teddy Roosevelt's great great grandfather Frederick.

The problem is that according to Genealogy.com I see no great great grandfather for Teddy named Frederick. Also the years don’t seem correct if Teddy was born in 1858. This fact was pointed out to me in the comments to my earlier "For Sale" post. I think Private Islands Online needs to check their history if their are using such info to sell that island and I sent them an e-mail pointing out the discrepancy.

1. Theodore Roosevelt1 [Jr.] (Theodore2 Roosevelt, Cornelius Van Schaack3, James Jacobus4, Jacobus5, Johannes6, Nicholas7, Claes Martenszen8 Van Rosenvelt), son of Theodore Roosevelt and Martha Bulloch, was born in New York, New York, New York 27 Oct 1858.

http://www.genealogy.com/famousfolks/theodore-roosevelt/d0/i0000001.htm#s1

Roosevelt Island for Sale

For a cool $1.8 Million you can buy Roosevelt Island. Unfortunately the Tram will never stop there nor will the F Train as this Roosevelt Island is in Montana. I had known about Theodore Roosevelt Island in DC but was not aware of this Roosevelt Island.

According to the website Private Islands Online the history of the island is as follows:

"Roosevelt Island was purchased by Fredrick Roosevelt (great-great grandfather of President Theodore Roosevelt) on October 5th, 1876 for the price of $200. Fredrick farmed and resided on the island for six years along with his wife, during which time he was elected Mayor of nearby Fort Benton, Montana. He opened a furniture store which burned to the ground in 1885. After the store burned, he sold the island and moved to Armington, Montana. he resigned as Fort Benton Mayor in December of 1885. as he was then residing outside of the city limits. While in Armington, he opened a hardware store. It was there that Fredrick lived out the rest of his days to the ripe age of 85 years until passing away on Deecember 10, 1923.

It is said (although not confirmed) that Roosevelt Island was then sold to a lumber company and was the site of a saw mill. Logs were supposedly floated down the Missouri River to the island, where they would then be cut into lumber. Since that time, Roosevelt Island has had many private owners, but has remained virtually unchanged since the early 1900's.

Today, the only evidence of Fredrick Roosevelt's life on the island is exemplified by a few bricks and remnants of stone foundation, which still remain from the homes he once built there. The island is now host to a variety of plants and wildlife that thrive along the Missouri River. "

Update 2007 Jan 6 - 8:11 am

According to Genealogy.com Teddy Roosevelt had no paternal great great grandfather named Frederick . As noted in the first comment the years cannot be correct if Teddy was born in 1858. I think Private Islands Online needs to check their history if their are using such info to sell that island.

1. Theodore Roosevelt1 [Jr.] (Theodore2 Roosevelt, Cornelius Van Schaack3, James Jacobus4, Jacobus5, Johannes6, Nicholas7, Claes Martenszen8 Van Rosenvelt), son of Theodore Roosevelt and Martha Bulloch, was born in New York, New York, New York 27 Oct 1858.

No Respect (?) From the Brooklyn Daily Eagle

To paraphrase that great philosopher Rodney Dangerfield “We Don’t Get Any Respect”. In yesterday’s Real Estate Roundup, Ms. Sarah Ryley, finished her article listing Roosevelt Island in what appears to be an afterthought. It isn’t the first time and it assuredly will not be the last time Roosevelt Island is referred to in such a manner but still it is no less aggravating.

“For that kind of money, judging by a rental search on Craigslist, one could find an apartment with as many bedrooms in the Upper West Side (around the 60s streets), Upper East Side, West Village, East Village, Soho, Chelsea and Greenwich Village (oh, and Roosevelt Island).”

Perhaps I am misreading the grammatical context of the phrase? Perhaps Ms. Ryley was quoting the Brownstoner site referenced in the preceding paragraph? If so I could not find the same language there. So if I am misreading the intent of the phrase I apologize to Ms. Ryley. If I am not misreading her intent I ask "What did we do to you?".

Roosevelt Island Residents: Spitzer Administration Screws Mitchell Lama Residents

Updated to remove photograph.

Printed in time for the Rivercross Tenants Association 30th Anniversary Party the Main Street WIRE published a one page special previewing this coming week’s issue (Saturday November 17, 2007) regarding the issuance of full value real estate tax equivalency bills to three of the four original Roosevelt Island Mitchell-Lama buildings. The poster was not an official editorial as the situation is fluid and the WIRE's official editorial will not be set until it is is formally published. See my previous two posts for more background.

The below image is of the poster taken late Sunday night as it dominates the internal Rivercross message board.



Most residents expect the politicians to work this out as the issuance of these bills does seem to run counter to the stated goals of ensuring affordable housing but it certainly does seem that the Spitzer administration does not have control of the state agencies charged with ensuring this goal is kept by sending out FMV tax bills. Not exactly a friendly way to gather support for buildings to stay in the Mitchell-Lama program. Expect this issue to dominate island news for a few weeks at a minimum.

WIRE: 2005 City Council Resolution Extending Exemption DOES NOT Apply to Roosevelt Island Mitchell-Lama Buildings

A review of back issues of the Main Street Wire from 2005 yielded the following articles and texts. Ultimatelty it appears that the WIRE concluded that the City Council resolution extending the tax exemptions did not apply to Roosevelt Island.

If this is true the issuance this week of the tax equivalency bills by the Empire State Development Corporation to Westview, Island House and Rivercross could prove disastrous for the residents who expected that the 50 year additional exemption applied to their buildings.

What I don't understand is why then if the WIRE reported the conclusions reached by the State and City officials back in 2005 was the issuance of the bill to Rivercross something so unexpected as indicated in the flyer posted in Rivercross and distributed to their residents.

As reported in the Main Street Wire on February 19, 2004:

“At press time, attorneys for the City's Department of Housing Preservation and Development (HPD) and the State's Division of Housing and Community Renewal (DHCR) had still reached no conclusion about exactly what the action could mean on Roosevelt Island, which is unique in the State's constellation of Mitchell-Lama developments because the Island,while owned by the City, is leased to the State for development (to 2068),and the PILOT payments - which substitute for "real" taxes - go to the State, not the City. A key question: Did the State Legislature, in amending the PHFL, intend to give the City Council the authority to forgive payments in lieu of taxes (PILOTs) to the State? That issue was raised when a WIRE question was relayed by Lappin to HPD and DHCR. Lappin said HPD and DHCR would have to be consulted. On Thursday, however, a DHCR spokesman said, "That's really a question for the City Council."

While the Island's PILOT payments would normally be passed through to the City, they are not. That's because the Urban Development Corporation (UDC) has substantial "credits" with the City by virtue of its original development of the Island. The PILOT income stops in the State's coffers.”

After several issues of the Main Street Wire offering nothing substantive other than resident commentaries, Dick Lutz in the May 14, 2005 Main Street Wire states that the Resolution has no applicability to the Roosevelt Island Mitchell-Lama buildings:

"It may be a technicality of sorts, but Roosevelt Island buildings will not get the 50-year extension of tax abatements the State Legislature authorized the New York City Council to grant to Mitchell-Lama apartment buildings.

"The [Legislature's] bill itself refers to taxes," said Jessica Lappin, an aide to Council Speaker Gifford Miller, "and the buildings on Roosevelt Island don't technically pay taxes. They look and smell and feel like taxes, but they're not technically taxes."

When the City Council granted the tax-abatement extensions earlier this year, materials accompanying the Council resolution specifically listed Westview, Island House, Rivercross, and Eastwood. It held out the possibility of a Mitchell-Lama future with tax costs remaining low. But that was a mistake.

What "look and smell and feel like taxes" for Roosevelt Island are PILOTs - "payments in lieu of taxes" - made to the State. For those who pay them, they are the functional equivalent of taxes, and for the Island's Mitchell-Lama buildings, they are scheduled to rise significantly over the next couple of years - a provision of the ground leases under which the buildings were placed on land owned by the City, but leased from the City by the State.

The WIRE raised questions about the Island's eligibility for the abatement extensions in February in a report on the City Council's action, and again in April in a commentary written by Tim Johns, an Island House resident who has kept close tabs on the laws, leases, and regulations that apply to the Island's Mitchell-Lama buildings. As a result, State and City lawyers looked into the matter and realized that earlier statements affirming applicability to the Roosevelt Island buildings were incorrect."

Owner of 510 Main Street Funded Partially by City / State Pension Funds

Today’s New York Observer reports on an analysis by the Urban Homesteading Association Board, which found that a city and state pension group, are investors in the City Investment Fund. The City Investment Fund along with Urban American purchased a series of old affordable housing complexes including 510 Main Street (per an earlier May 1st article). It was originally thought that the purchase of 510 Main Street and other Harlem properties was entirely private.

The article focuses on the concerns of individuals like Bill Thompson, the city comptroller, who is both an investment adviser and a trustee for the Employees Retirement System, whether the pension groups have invested in a real estate company that might drive rents up and force poor tenants out in formerly public housing units.

An interesting pair of articles to read. Moreso if you are a Roosevelt Island resident that lives at 510 Main Street.