Mayor Eric Adams and Governor Kathy Hochul have announced plans to extend the current master lease for Roosevelt Island and outline a redevelopment plan for the area. Once approved by the Roosevelt Island Operating Corporation (RIOC), the lease will be extended from 2068 to 2078. The extension is expected to provide financial stability for homeowners, support community development initiatives, maintain housing values, and create opportunities for additional resident financing.
In addition to extending the lease, city and state officials, along with RIOC, have committed to a collaborative planning process for Roosevelt Island. The process will include public participation and is intended to explore opportunities for new housing, infrastructure improvements, and other community priorities. According to an official statement from Mayor Adams, the initiative aims to support a safer and more affordable environment on the island. Governor Hochul highlighted plans for additional housing and updated communal infrastructure that maintain the island’s heritage and views.
Work has already started on redeveloping the unused Roosevelt Island Steam Plant site. The plant, closed in 2014 and set to be demolished, may be turned into community spaces. Before the formal planning process in 2026, officials plan to meet with the Roosevelt Island Real Estate Development Advisory Committee and Community Board 8 to get input and discuss the island’s future…