A new framework jointly announced by New York City Mayor Eric Adams and New York Governor Kathy Hochul will extend the Roosevelt Island master lease and initiate a planning effort to shape the island’s long-term future. Subject to approval by the Roosevelt Island Operating Corporation (RIOC), the lease, which was originally set to expire in 2068, will be extended by ten years to 2078. The extension aims to provide financial stability for Roosevelt Island’s 12,000 residents and over 100 businesses. The city and state will also collaborate with RIOC on a community planning and engagement process focused on housing, infrastructure, and public amenities.
The initiative will evaluate opportunities for housing development, infrastructure improvements, and modernization of essential services. Among the sites under consideration is the decommissioned Roosevelt Island Steam Plant, which the city will demolish to facilitate future redevelopment. The NYC Health + Hospitals/Coler campus, a skilled nursing facility on the island’s north side, will also be assessed with a focus on healthcare infrastructure upgrades, climate resiliency, and potential for additional housing. Input from Coler residents and staff will be central to this planning process, which will formally begin in the coming weeks, with broader community engagement slated for 2026.
These actions mark the most notable update to Roosevelt Island’s master lease since it was first signed in 1969. Since 1988, the city has leased Roosevelt Island to the state and RIOC, which is a public benefit corporation tasked with overseeing the island’s operations and development. The new agreements aim to streamline governance across city, state, and RIOC operations and reflect a shared commitment to inclusive, community-centered planning.
Roosevelt Island is accessible via the F train at the Roosevelt Island station and by the Roosevelt Island Tram, which connects to Midtown Manhattan…