All Negotiating Parties in Agreement

Is the Westview Affordability Plan Finally A Done Deal?

Updated 1 year ago David Stone
Is the Westview Affordability Plan Finally A Done Deal?
Roosevelt Island Daily file photo / © David Stone

Late last night, the Westview Taskforce informed building tenants, "We are pleased to report that we met with HCR officials and representatives of our elected officials this past Friday. We were informed that, after prolonged negotiations, the agencies (HCR, RIOC) and Owner are now on the same page regarding all terms related to the WV Affordability Plan. Details are expected to be formalized and released soon." What does this mean in real time?

Last month, The Daily learned that HCR had determined the appropriate valuation for Westview, making it virtually binding on RIOC, which initially hoped to get more in ground lease payments while agreeing to the complex's Mitchell-Lama affordability exit.

If approved, this is a very big deal for Roosevelt Island as it extends substantial affordable housing far into the future, securing valued community values.

The sticking point, sources told us, was over control of retail spaces that ring Westview at street level, the contract for which expires in April. In a complicated arrangement, Westview's owner has leased those spaces to RIOC for retail development. In recent years, that evolved into RIOC subleasing them to Hudson Related as part of the Main Street master lease.

Westview owner David Hirschhorn wants to end that arrangement by taking back control of the retail spaces. Those include RIOC's current offices, occupied rent free, and likely to be vacated soon.

It also means that the Liquor store, China One and other businesses in Westview will be removed from the Main Street retail master lease, resulting in a loss of revenue for RIOC, a sticking point that held up finalization.

Next, tenants will likely be asked to vote again on new terms, although they won't differ significantly from those approved overwhelmingly last year. RIOC's Board will need to vote on it as well.

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