Carter Ledyard & Milburn and attorneys Christopher Rizzo and Barbara Brown successfully worked with client Roosevelt Island Operating Corporation, a New York State public benefit corporation, to negotiate important lease and land-use planning agreements that will provide certainty and security to residents and define a path forward for City-owned sites on the Island. RIOC operates most of the Island through a 99-year master lease from the City that expires in 2068. This month, RIOC, the City and State have agreed to extend that lease by ten years to ensure that building and apartment owners on the Island can access financing and keep housing more affordable. In a separate but parallel agreement, the City and State signed a nonbinding MOU to define cooperation in exploring more housing and public amenities on two underutilized sites, the former Steam Plant and the City-operated Coler Hospital. CLM looks forward to continuing its work with RIOC and its partners to ensure the long-term affordability and vibrancy of the Island.
