New York Gov. Kathy Hochul and New York City Mayor Eric Adams announced Thursday a conceptual agreement to extend Roosevelt Island’s master lease by 10 years—from 2068 to 2078—and to launch a joint planning and community engagement process to shape the island’s future, including possible new housing, infrastructure upgrades and other amenities.
The Roosevelt Island Operating Corporation (RIOC), the state entity that manages the island, currently holds a master lease set to expire in 2068. Pushing the lease’s expiration to 2078 would give 12,000 residents and more than 100 businesses greater financial certainty, easier access to financing and more stable housing values. The RIOC Board of Directors is expected to vote on the agreement at its December meeting.
The initial 10-year extension paves the way for a longer-term extension in the future, along with lease amendments intended to simplify operations among the state, city and RIOC. By extending the master lease, officials intend to strengthen the island’s housing market, making it easier for lenders to underwrite loans and reinforcing steady property values for current and future residents.
As part of the deal, the city, state and RIOC will also launch a planning process that includes extensive community input. They plan to identify sites for new housing, infrastructure investments, amenities and community priorities. Officials say outcomes of these efforts will feed directly into the longer-term lease extension.
Key redevelopment ideas include the defunct Roosevelt Island Steam Plant, which the city intends to demolish, freeing up land for potential new uses. The planning process will also consider modernizing the NYC Health + Hospitals/Coler campus, a 500-bed skilled nursing facility serving those with special medical needs. Officials say the campus presents an opportunity for improved healthcare infrastructure, resiliency and possible on-site housing expansion.
While the planning effort promises new infrastructure improvements, the agreement does not yet specify funding mechanisms to support its planned upgrades. Officials say they will work toward making this a transparent process, built on input from the community.
The deal is significant not just for immediate stability, but because it lays a foundation for Roosevelt Island’s long-term evolution. By securing the lease and committing to thoughtful, inclusive planning, state and city leaders are intending to preserve the island’s character while preparing for future growth.
Photo by Charles Parker from Pexels
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