11/14/2025
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.”
https://bigny.com/ny-governor-hochul-and-nyc-mayor-adams-roosevelt-island-agreement-to-extend-master-lease/