Related Cos. and The Hudson Cos. have closed on $185 million in construction financing for the ninth building in the Riverwalk neighborhood of Roosevelt Island, New York. As a part of the companies’ 25-year joint effort to deliver a nine-building community with over 2,000 residences, the new project will offer workforce housing for Memorial Sloan Kettering Cancer Center (MSK) employees, rental apartments, and office space. This is the fourth Riverwalk building with housing for MSK employees.
“Riverwalk 9 is the realization of decades of hard work and resiliency through multiple challenges, including economic downturns and a global pandemic, to create new housing opportunities and further support the Roosevelt Island community and New York,” says Frank Monterisi, executive vice president at Related Cos. “We are proud to finally reach this monumental milestone with our partners at Hudson, along with MSK, Roosevelt Island Operating Corp. (RIOC), and Wells Fargo, for the Riverwalk Park neighborhood.”
With construction to begin soon, Riverwalk 9 was designed by Handel and will be built by Monadnock Construction. The 28-story building will include 104 homes for the MSK community with studio, two-bedroom, and three-bedroom units available across eight floors, and 253 market-rate studio, one-bedroom, and two-bedroom residences. Common space between the eighth and ninth buildings will bring new park lighting, grill space, a dog run, and public open space. Residents will have access to a basketball court, a fitness center overlooking the East River, a party room, and a multi-sport virtual reality game room, among other amenities.
The $185 million project includes $111 million of financing from Wells Fargo. In conjunction with the closing, Related and Hudson are executing the ground lease for the site from the RIOC, which will also include ground-floor office space for RIOC.
“The development of Riverwalk 9 marks the final phase of years of historical development at RIOC,” says RIOC president and CEO Shelton J. Haynes. “The timely closing of this deal is indicative of the hard work of all parties involved at RIOC and our partners at Related Cos. and Hudson. I cannot wait to get shovels in the ground to unveil our latest investment that will continue the tremendous economic boom we are experiencing. Once completed, Riverwalk 9 will spur further job growth, create new housing, and contribute nicely to the beauty of Roosevelt Island.”
With an expected completion of mid-2025, Riverwalk 9 will culminate the Related and Hudson joint venture that was designated by RIOC in 1997 to build the new community. “The start of work on Riverwalk 9 marks the culmination of a quarter century of work with our partner to build an entirely new and thriving neighborhood on Roosevelt Island,” says David Kramer, CEO of The Hudson Cos.
“From our first planning meetings in 1997, we set out to bring these 19 undeveloped acres to life through mixed-income rental, condominium, and institutional housing, dynamic retail, and beautiful new public open space. As we begin construction on the neighborhood’s final building, we’re proud to say we’ve achieved that vision. Thanks to our partners at Related, MSK, and RIOC, along with our funder Wells Fargo, for their instrumental work in helping us reach this milestone.”
