Governor Kathy Hochul and New York City Mayor Eric Adams today announced a new conceptual agreement to extend the Roosevelt Island Master Lease and a separate agreement to begin a joint planning effort oriented around future development on the island, marking an important step toward ensuring the Island’s long-term stability and future growth. This initial extension will provide greater financial certainty for homeowners and residents, helping them access additional financing and maintain stable housing values. Additionally, the State, City, and Roosevelt Island Operating Corporation (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 State, City, and RIOC operations on the island.
“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,” Governor Hochul said. “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.”
New York City Mayor Eric Adams said, “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. 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.”
The City and RIOC, the state entity that manages the island, will initially extend the Master Lease, which currently expires in 2068, by 10 years to 2078. This initial extension will provide greater financial certainty for homeowners and residents, helping them access financing and maintain stable housing values. The RIOC Board of Directors is expected to approve the Master Lease extension at its December meeting.
The State, City and RIOC will also launch a planning and community engagement process to identify opportunities for additional housing potential and community-serving infrastructure and amenities. The outcomes of the planning work would be incorporated into the longer-term extension to the Master Lease in the future. The longer-term lease extension will also incorporate other community priorities that come out of the planning process as well as other amendments to the lease to streamline and strengthen State, City, and RIOC operations on the island.
Roosevelt Island Operating Corporation President and CEO B.J. Jones said, “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. 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.”
Roosevelt Island Operating Corporation Board Chair RuthAnne Visnauskas said, “This 10-year extension delivers immediate financial certainty and housing stability for more than 5,500 households, while paving the way for thoughtful, community-driven redevelopment. By exploring additional housing opportunities and investing in essential infrastructure, we are preserving Roosevelt Island’s unique character and ensuring it remains a thriving, inclusive community for generations to come. I commend Governor Hochul and all our partners for this forward-thinking agreement and collaborative planning process.”
New York City Housing, Economic Development and Workforce Deputy Mayor Adolfo Carrion Jr. said, “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. 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.”
New York City Development Corporation (NYCEDC) President & CEO Andrew Kimball said, “Roosevelt Island has undergone remarkable transformation in recent decades that continues to drive economic opportunity for New York City. 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.”
State Senator Liz Krueger said, “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. 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.”
Assemblymember Rebecca Seawright said, “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. 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.”
New York City Councilmember Julie Menin said, “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. 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.”
New York City Councilmember Lynn Schulman said, “As Chair of the 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. 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.”
The Roosevelt Island Business Alliance President Skip Hartman said, “We are delighted that the City and State are working together to ensure an even brighter future for Roosevelt Island. In the heart of the world’s greatest city, it is a wonderful place to live, work and visit.”
Manhattan Community Board 8’s Roosevelt Island Committee Chair Paul Krikler said, “I’m sure there will be huge interest from the community in how the next chapter for Roosevelt Island will look and a lot of people will want to be involved. One prerequisite for any further development must be an upgrade of the availability of transit to and from the island. We need double the frequency of Ferry service and much better subway service. Manhattan Community Board 8 and our Roosevelt Island and Transportation Committees in particular look forward to discussing those issues and much more as we begin this planning process.”
Hudson Companies President David Kramer said, “We applaud the City and State for working together to ensure a bright future for Roosevelt Island. 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.”
These State and City 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’s Lease with the State has been assigned to the Roosevelt Island Operating Corporation, a public benefit corporation that was created to plan, design, develop, operate, and maintain Roosevelt Island.
Today, Roosevelt Island is home to 12,000 residents and over 100 businesses. As part of the planning process, the State, City, and RIOC will engage residents, community leaders, elected officials, and other stakeholders around the opportunity to create more housing on the island and invest in infrastructure to support a larger residential population. The State and City 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 planning process will also address the NYC Health + Hospitals/Coler campus, a 500-bed skilled nursing facility on the north side of the island. The State and City will prioritize the needs and input of current Coler residents as they look for opportunities to reimagine the Coler campus — which is partially on land retained by the City — for additional housing and improved health care facilities.
November 14, 2025
Albany, NY
Sources: Governor.ny.gov , Big New York news BigNY.com
Midtown Tribune news
