What you should know
- Initial 10-Year Extension and Subsequent Long-Term Extension of Lease Will Provide Financial Certainty and Housing Stability for Over 5,500 Residential Units
- New Planning and Community Engagement Effort Will Explore Potential for Additional Housing and Supportive Infrastructure on Island
NEW YORK – New York City Mayor Eric Adams and New York Governor Kathy Hochul today announced a new framework to extend the Roosevelt Island master lease as well as a separate agreement to begin a joint planning effort around future development on Roosevelt Island, taking an important step toward ensuring the island’s long-term stability and growth. Subject to final approval by the Roosevelt Island Operating Corporation (RIOC), the state entity that manages the Island, the city and RIOC will extend the master lease on the island by 10 years, from 2068 to 2078. This initial extension will provide greater financial certainty for homeowners and residents, helping them access additional financing and maintain stable housing values. Additionally, the city, state, and RIOC will launch a planning and community engagement process to identify opportunities for potential housing; new infrastructure and amenities to serve the island; and other community priorities. The outcomes of this planning and engagement work will be incorporated into a longer-term extension to the master lease in the years to come, as well as other amendments to the lease to streamline city, state, and RIOC operations on the island.
“Roosevelt Island has had many names and dozens of lives over the years — with this lease extension and new engagement effort, we’ll start planning the next great phase in the island’s story,” said Mayor Adams. “We’ll make it easier for New Yorkers living on the island today to stay in their homes and explore the possibility of adding new homes to welcome even more people to the neighborhood as well. We’ll work with the community to create vibrant spaces and lay the groundwork for a safer, more affordable Roosevelt Island for the decades to come.”
“Roosevelt Island holds some of the best views of New York City’s skyline, but also has a deep and rich history, making it a desirable place for New Yorkers to live and a notable tourist destination,” said Governor Hochul. “This new lease extension will allow for the island’s next chapter — exploring opportunities to build more housing and new infrastructure for the community and visitors to gather, while still providing stability for current residents.”
“Roosevelt Island is a unique and treasured part of our city, and today’s announcement represents a major milestone toward securing its present while planning for its future,” said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion Jr. “We look forward to conversations with the local community in partnership with RIOC and the state to identify investments that could make the island more livable and enjoyable and explore how the island could support additional housing.”
“Roosevelt Island has undergone remarkable transformation in recent decades that continues to drive economic opportunity for New York City," said New York City Development Corporation (NYCEDC) President & CEO Andrew Kimball. "This lease extension and new planning and engagement process will ensure that Coler and Roosevelt Island residents will play a role in helping shape the next chapter of Roosevelt Island, as a vibrant, mixed-use community for generations of New Yorkers to come.”
These city and state agreements on the lease are the most significant updates to the master lease since it was originally signed back in 1969. Since 1988, the city has leased Roosevelt Island to the state and RIOC, a public benefit corporation that was created to plan, design, develop, operate, and maintain Roosevelt Island. The RIOC Board of Directors is expected to approve the Master Lease extension at its December meeting.
Today, Roosevelt Island is home to 12,000 residents and over 100 businesses. As part of the planning process, the city, state, and RIOC will engage residents, community leaders, elected officials, and other stakeholders around the opportunity to create more housing and other community amenities on the island and invest in infrastructure to support a larger residential population. The city and state will work together to plan for possible redevelopment of the defunct Roosevelt Island Steam Plant site, which is on land leased to the state. The steam plant previously provided heat to hospitals on the island but was decommissioned in 2014. The city’s demolition of the steam plant will commence shortly, facilitating potential redevelopment of the site.
The planning process will also consider the NYC Health + Hospitals/Coler campus, a 70-year-old skilled nursing facility on the north side of the island, which is a critical part of the NYC H+H System. The city and state will prioritize the needs and input of Coler residents and staff — including the delivery of high-quality care, modernized infrastructure, and resiliency efforts to fortify the island against coastal flooding risks. The planning exercise will seek opportunities to reimagine the Coler campus for additional housing and improved health care facilities, with a briefing for residents and staff soon to provide available information and seek input. The formal planning process will kick off in the coming weeks with additional opportunities for public engagement in 2026. The city and state plan to meet with the Roosevelt Island Real Estate Development Advisory Committee and the Community Board 8 Roosevelt Island Committee to gather feedback on the planning process.
“This planning study and community engagement process, along with a 10-year lease extension, is a vital step in providing greater certainty and stability for residents, building owners, businesses, and educational institutions on Roosevelt Island. I want to thank Governor Hochul, Mayor Adams, and our city and state partners for their leadership and collaboration in making this possible,” said B.J. Jones, president and CEO, Roosevelt Island Operating Corporation. “I look forward to continuing to work with the city to plan responsibly for the island’s future by helping us assess and strengthen the island’s infrastructure, address community needs, and chart a thoughtful path of island stewardship for the next generation.”
“I am pleased to see that the state and the city have been able to reach an agreement for the extension of the master lease. This agreement will secure stability for the historic planned mixed-income community of Roosevelt Island and set the island on the path to a flourishing future,” said New York State Senator Liz Krueger. “This is a critical beginning, enabling a full review and community planning process. I look forward to joining RIOC, community leaders, and island residents in an open and transparent process.”
“The extension of the master lease is an important step toward ensuring long-term stability for Roosevelt Island, but its success depends on meaningful community input. As planning for future development advances, I will continue to advocate for a transparent, inclusive process that centers the voices of residents, local leaders, and Coler families,” said New York State Assemblymember Rebecca Seawright. “From transportation and public safety to health care and open spaces, the islands’ services must evolve with any new growth. It is vital for community priorities to guide every decision and that Roosevelt Island remains a vibrant, livable home for all.”
“Extending the Roosevelt Island master lease and launching a comprehensive planning effort will shape Roosevelt Island’s future for generations to come. I thank Governor Hochul and Mayor Adams for their leadership to support the over 12,000 residents, small businesses and institutions on the island that contribute to its vibrant character,” said New York City Councilmember Julie Menin. “This agreement provides the long-term stability our community deserves and opens the door to critical investments in housing, transportation, open space, and infrastructure. As the Council Member proudly representing Roosevelt Island, I look forward to working closely with the state, city, and the Roosevelt Island Operating Corporation to make Roosevelt Island an even better place to live, work, and visit for all.”
"As chair of the City Council’s Health Committee, I am especially encouraged that this agreement not only secures long-term stability for Roosevelt Island residents but also prioritizes the future of essential health infrastructure like NYC Health + Hospitals/Coler, which serves those with special medical needs,” said New York City Councilmember Lynn Schulman. “This planning effort is an opportunity to modernize critical facilities, strengthen resiliency, and ensure that high-quality care remains accessible for the island's most vulnerable populations. I applaud Governor Hochul, Mayor Adams, and RIOC for their partnership and vision, and I look forward to a community-driven process that supports a healthier, more sustainable Roosevelt Island for generations to come."
“We applaud the city and state for working together to ensure a bright future for Roosevelt Island,” said David Kramer, president, Hudson Companies. “Since the city and the state first shook hands in 1968, Roosevelt Island has become a very special part of the New York landscape, and this agreement will help safeguard its bright future. Kudos to Governor Hochul and Mayor Adams for making this happen.”
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