Amendment Extends Ground Lease for 50 Years

Westview Affordability, Finally Signed and Done

Updated 2 years ago David Stone
Westview Affordability, Finally Signed and Done
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Although no official announcement has yet been made, The Daily has learned that, early last evening, an amendment was signed by all parties that cements affordable housing in Westview for the next 50 years. It caps a big win for diversity on Roosevelt Island.

With traditional community values tumbling precipitously as new market rate complexes rise after Rivercross and Eastwood, now Roosevelt Landings, were lost to affordability as they exited Mitchell-Lama, Westview's success in reaching an agreement with the State that contains rock solid guarantees of housing priced below market means diversity has a solid base here for the foreseeable future.

Negotiations were strained since Westview's tenants passed an affordability plan in the fall of 2016 and many times came close to failure. Competing interests of State, owners and tenants created a puzzle with pieces difficult to fit into a coherent whole.

In the next several months, tenants will be given privileged options to stay on as renters at rates tied to rent stabilization or to buy at below market rates. Most currently vacant apartments will be sold on the open market with a handful set aside as affordable as part of the agreement.

Westview is the last Mitchell-Lama supported building on Roosevelt Island, but affordability is expected to get a boost when Hudson Related constructs buildings 8 and 9 with one set aside for below market housing.

Westview Affordability, Finally Signed and Done
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