Riverwalk Court, Riverwalk Landing, etc. in Roosevelt Island

There are actually 4 that are occupied already (475,465,455,425). After 405 and 415 there are three more in the works but no ground broken yet.

http://rooseveltisland360.blogspot.com/2008/06/riverwalk-construction-update-pictures.html

http://rooseveltisland360.blogspot.com/2008/03/rendering-of-riverwalk-complex.html

I was there a couple of years ago. Snooty broker kept insisting that the price will only go up, and interest rate will go up - so I should buy NOW. Glad I didn't.

1. Getting there and back is a pain - only one train (F), which is local, and sometimes stops running or skips Roosevelt island stop on weekends on the way into manhattan (you'd then have to take the train to queens, change to E, etc). The cable car is a bit of an antique piece - the switz (or was it sweedish) company that made it over 60 yrs ago is out of biz, and they cant find parts to replace as it keeps breaking down - once, it got stuck mid air and people were stranded for hours (or was it all night? cant remember). That leaves taxi - and the only way to get there from manhattan is to go to queens and then to RI. About 40 bucks each time. And forget about hailing a taxi from anywhere in RI. The concept does not exist.

2. No retail presence. The way the real estate broker was bragging about the one lone starbucks that was going to open (i believe it is open now), I thought was pathetic. They have one really bad diner, and one equally bad chinese takeout. Manhattan restaurants will not deliver there.

Oh, btw - they were trying to pitch me a condo for $850 a sq ft 3 yrs ago. If I'm not mistaken, it's still about the same. And the broker kept insisting that I should pay up before it goes up and I get priced out FOR EVERRRRRR ..

Riding the cable car is so much fun! I sometimes ride and back and forth just for the great scenery even though I have no reason to travel to Roosevelt Island.

Yes, buy now before you get priced out forever! Real estate only goes up!

Question: So if there are four Riverwalk buildings already occupied (totally or partially)and 415 for occupancy this Fall, why can't I find data on any but 455 Main on Streeteasy? Or is it because the sales office is on 455 Main that all sales are branded as 455 Main? That would be bad because the blgds seem to differ in their finishes, etc.

The first two buildings 475 and 465 are owned by Cornell-Weill and Sloan Kettering.

The retail presence is very very slowly improving.

http://rooseveltisland360.blogspot.com/search/label/Retail

The Tram was built and started in the mid 1970's. Yes it did stop stranding a number of passengers for several hours overnight due to a power issue on April 18, 2006. It was offline during mid-june 2008 for 10 days due to required maintenance to slip the cables and will be off-line for 6 months in 2009 for a total rehab and upgrade of the system.

http://rooseveltisland360.blogspot.com/search/label/Tram

Doesn't anyone know what percentage sold they are at Riverwalk Court? I read a story on the web from last year that said 20 or 30% but with the new pricing I am going to take another look. Seems like a pretty good value. Anyone have an opinion?

Their web site seems to be down, so I haven't been able to see those chops. Nevermind, according to Streeteasy, they haven't closed one unit at 415 Main, and only have 18 in contract out of 123. And they've been selling those for over a year, so I think they're destined to go rental, chop 50% or go auction.

Riverwalk Court Condos are on 61 year Land Lease‏, maybe thats the reason for not selling so well.

Visit a friend who lives here. The place is just grim.

You might as well just suck it up and move to Jersey. I mean seriously, what's the point?

not at all, Squid. The F train is right in front of the door, and you can be in midtown in 10 min. For me, the big problems of RI are the zoned PS, which is not good, and the lack of more retail or a livelier vibe. But it's not inconvenient. But the Riverwalk apts. are tiny, way way way smaller than advertised, and still overpriced despite the chop.

I visited RI a couple weeks ago with some out of town friends. We trammed over and took the F back. Very quiet. It doesn't have that NYC feel which would rule it out for me but might be great for someone else.

At least one of the Riverwalk buildings appeared to be empty and we could see construction materials through many windows. Great place for a relaxing walk or run along the river. If/when I move, I'd certainly come out here to run every now and then.

RIverwalk court has colsed on some units went to see and broker said they were 60% sold...that could be a lie they are selling at 670$ psf they tried to tell me this was an amazing value since its 23% off its hight price...any thoughts??????

Prices are pretty good for a Costas/Related building and 20yr tax abatements which do add up. RI has a k-8 school too which is convenient for families. Worth a look if you love parks and the waterfront.

even though it is on a 60 year land lease?

I have noticed that this building has started to close at $673 PSF ANY thoughts on those numbers...Im suprised

patience nina... rooosevelt island might as well be rikers..a prison...have you walked around at night..like when youd be coming home after being out?...imagine the times when the tram is not working...you can buy in manhattan for not too much more than 673psf, and maybe at that price by next spring, yeah taxes are abated, but land lease...why do this to yourself?

No ive never walked around at night...i will for sure..i liked the building and ameneties but not very different from other new condos throughout nyc i just thought one stop on f tran makes it conveniant but te land lease ting does scare me and the price I still think has room to go down but then again people are closing so i dont know...but i will take ur advice and go at night

I think hell will be just like Roosevelt Island.

I have to go 5-6 times a year, and I can't for the life of me figure out why anyone lives there. The commute can be a HUGE pain (when there are service changes, its a nightmare) and when you get there, you're basically on a prison block. Simply an awful place.

so what do you guys think price sqf should be in this building riverwalk court?

any more news on this building...anyone that has bought here that has some insight?

Watch out for the land lease - Within a couple of years, your maintenance fees will skyrocket to start saving for the next land lease payment of $20+ million.

Then how are they able to sell so many units if land lease is such a bad deal?

I just bought there . See my post I did on this site couple days ago. I am very happy. I asked exactly the same question to myself. The thing is that banksters, Fed, realtors always win , folks like us are always robbed. This's given. So the question should be paraphrased this way: what hurts more Land Lease or Dollar Collapse? Think, look around and do your homework.

Im happy on these accounts:
0)Beauterful apartment. Manhatten views, quiet, peacfull surroundings etc.;
1)Got amazing price cut;
2)Very low interest on loan;
3)No tax payments;
4)Land Lease - 60 years. Long period. Condos will change owners 6 times at least;
5)Having some tangible asset rather then worthless paper called $;
6)All boros are in reach of 5 min ride;
7)RI is full of sport fields

Congratson your purchase keremetski. Im trying to find your post. Do you happen to know what perecntage is sold in the building and are there any plans to extend the land lease past 60 years as of yet? When you say amazing price cut do you mean 23% thats what they seems to be what they are down from peak pricing but because its a land lease I m wondering if it should be more. Enjoy your place it is a beautiful building and great views

here is the link.
http://www.streeteasy.com/nyc/talk/discussion/16007-riverwalk-court-i-love-it

yesterday I saw U-Haul. Today EZ Moving.
Every time I get out I see people at conceirge desk waiting sales tour. 35 apts are sold, 60% in contract. That what I was told. It seems true , since on my floor only one apt is not moved in yet.

So what happens after the 60 years are up? Or what about monthlies will they go up alot to pay for the land lease?

I don't know what will happen after 60 years. But I will tell you what happens after 5 years.
100 US $ = 1 Zimbabwean dollar. Most of RC apts occupants will pay off in full in 3 payments.

But seriously, will they bulldoze the building to the ground if everyone defaults on their monthlies???

Im just afraid of a battery park city situation same land lease type deal and the monthlies in some of those condos went through the roof more then doubled to pay for the land lease that does not worry you? I tried to get some info about the land lease in the sales office but they would just say nyc is the best landlord wtf? Thanks for all your input by the way

keremetski, 25 as listed by streeteasy, is 20% of 123 so that's how many units they have closed on. If it's 35 like you say, that's 25%. After 2 years on the market that's not exactly stellar. 60% in contract means absolutely nothing, since many of them may have been in contract for years and may have second thoughts about closing. On the other hand, of course you're going to see moving vans in a building which started closings/move-ins a few weeks ago, those 25 or 35 poor souls who jumped the gun need to move into their precious nest. Still, you sound like a broker to me.

With those RE crooks you have to be on alert 24/7. I am worried , but just a bit. Worries about loosing savings outweight LL worries. For 7 years I've been saving for downpayment and paying my rent. That's nerve wracking.
Now I am chilled and even have time for some comments. Besides, I am not along in my risk estimates, there are other RC occupants. They seem not worried at all.

Nina,
The ones that are buying are the likes of Kremetski-no offence- that get excited about the unit but don't look into the land lease issue enough. I live on RI and almost bought a place at 415 but gladly there are site like this one that talked about the land lease - funny that the sales agent never mentioned it and when I brought it up, her answer was exactly the same as Kremetski's - by the time the lease is up, you would be dead. Well, I am glad the bankers know a lot about this topic and was warned that it would be difficult to sell the unit once the development is within 30 years of land lease expiration - banks tend not to give 30 yrs morgtages on such buildings at that point because of the uncertainty surrounding the land lease. I am glad you mentioned battery park because that was the example my banker gave with regards to maintenance fees. The last thing I want is for my maintenance fees to be $2k/month for an average 2bed/2bth. Another problem with RI is the commute - try it out for a couple of day before you buy - ie. take the subway from RI to Manhattan at rush hour (7:30-8:30). You would need to wait for at least 3 subways before you can get on. My point is to do your homework before you decide.

Sorry I lived and not live there any more.

"Im happy on these accounts:
0)Beauterful apartment. Manhatten views, quiet, peacfull surroundings etc.;
1)Got amazing price cut;
2)Very low interest on loan;
3)No tax payments;
4)Land Lease - 60 years. Long period. Condos will change owners 6 times at least;
5)Having some tangible asset rather then worthless paper called $;
6)All boros are in reach of 5 min ride;
7)RI is full of sport fields "

Congratulations on your move to Jersey City.

btw, 5 minute ride? you're on CRACK. Manhattan on a weekend can take an hour. I've done it multiple times.

> 5)Having some tangible asset rather then worthless paper called $;

Its funny how you think if dollars become worthless, manhattan RE is worth something. Actually, scratch that, wanna be manhattan re is worth something.

> 4)Land Lease - 60 years. Long period. Condos will change owners 6 times at least;

But condo owners won't have to lower their prices because of pending increases.

Land lease building values get whacked...

I agree somewhereelse...land leases do create uncertainty and uncertainty drives values down and not up.

I also saw @ rentals in the building already and am considering renting I to see id I will like it living there...$1999 for a one bedroom not bad considering the want $500k to buy. Its an owner unit and if he got it for even under $500 how the heck is it worth it to rent fo $1999 does that even cocer half the owners monthly cost? Seems like rent is not that much in this building why?

because you are in RI :)

And you Trompi sounds like a landlord who wants me to rent your apt till I die.

tobytoby,
you are right about uncertainty. But it different kind of uncertainty . Uncertainty about dollar will drive it UP and UP and UP. Look into commodities and EUR/USD exchange rate. Speaking of exchange rate , europeans already can get 15% discount (comparing against March EUR/USD rate) on NY RE, if they choose to buy here.

somewhereelse,
I takes me ( I measured it with stopwatch) 1 min from my door to train station or 30 sec to tram station. 1 min down to train platform. 2 min ride under the river. 1 min up the escalator. Do the math.
And there is always schedule for trains. You may want to try it once, it's easy, even caveman can do .

nina15,
my total monthly payments (mortgage + maintanance) will be $500 more my last rent bill. I lived at Manhatten Park, where I renewed the lease in Aug with 17% discount.

keremetski im assuming u have a onebedroom at riverwalk

2 bed.
Over the weekend I saw 2 more people getting the keys at conceirge desk. Me guess, people start seeing that RC is getting populated and they don't want to be left behind.

On the different note, dollar is falling further.

Keremtski,

I don't understand why you think buying RE is the only way to hedge against drop in $. FYI - you can convert all your money to Euro or Yen and then don't ahve to worry about the falling $. Or you can just buy RE in a location where you are much safer than RI.

On another note, with response to the timing that it takes you to get to Manhattan, you forgot to mention how long you wait on the platform especially during rush hour - I am assuming that takes over 15 minutes by itself.

The main point that you are missing though is the land lease and how it will affect your property. remember, even if the city agrees to renew the lease, where do you think the money will come from...YOU. Yes, you will be paying for it through increased maintenance fees.

tobytoby,
No I don't think so, there are many ways to hedge. No euro and yen though , they are no better then US peco. I start posting just because I am happy with my appartment.
I am buying gold and silver bullions. Did you see how gold soared today. Nice. Now third of my capital in RE , third in gold/silver, third in land at my home country.
If you factor in such things as planet population growth, inflation, energy crisis and others you would understand my purchase. Even Buffet went out of cash and bougth God forgotten rail road in the middle of nowhere.
LL is not an issue. In 30 years I am mortgage free (I belive it will even happen in 3 years). After that I can easily rent my place. Planet will be overcroweded by then, so lending will be no problem. Plus I will have an equity equal to my apt .
But I always ask myself, what happens if 90% of occupants default on increased maintanance and 10% not. I bet RIOC will open some kind of line of credit. I don't like credits, but on this one I think I can live with another 30 years, if God bless me.

oh and about the ride 2 Manhattan. Ok, I was too excited . It takes 10-15 min to Manhattan. Trams run 7 min station to station.

I took the tram there and it was fun to take and got a fabulous view on the way over. The island smells good and is very windy. There was one lone starbucks and not much else. There were all of these fancy unoccupied buildings and all of these sketchy people walking to their apartments in the public housing on the island. I wouldn't pay to live there because you are basically paying to live on an island full of people in public housing. The buildings look nice and the views look nice but I felt sketched out by the crowd. It just seemed like 98% of the inhabitants on the island are not people I would pay top dollar to live next to.

original pos I got the same feeling you are paying $600k plus for a 2 bedroom and so many people on the island live on some sort of subsidized housing public housing low income etc. not that there is anything wrong with this but then you are better off renting on ri if you love the views location etc then to spend so much money to buy...I did like the condos riverwalk too but as much as people are supposedly buying it still looks pretty deserted...

and I wonder how many units will end up being rentals?