Roosevelt Island just saw its latest record home sale

New York Post

23-07-2025

The tram isn't the only thing soaring on Roosevelt Island these days.
A three-bedroom, two-bath penthouse with a sprawling terrace has just sold for nearly $2.27 million — making it the most expensive residential sale in the island's history, The Post has learned.
The deal is the third record-breaking transaction brokered by Corcoran's Kaja Meade in less than two years on Roosevelt Island, and it marks a turning point for an area that once traded more on affordability than prestige. Not to mention, an area that has largely been overlooked by city locals, in large part due to its location directly in between Manhattan and Queens, with the island as a pass-through.
This particular unit — Penthouse 1C at Riverwalk Landing — was initially listed for $2.25 million and sold in a bidding war.
12 A penthouse at Riverwalk Landing has sold for nearly $2.27 million, setting a new residential price record on Roosevelt Island and signaling the neighborhood's arrival as a serious player in New York's luxury real estate market.
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12 The penthouse offers more than 1,400 square feet of interior space.
Courtesy of Corcoran
'When people are willing to spend in the higher price points, probably the main amenity or the number one property feature that people look for on the island is obviously the view,' Meade said. 'Because you can't have a Manhattan view when you're in Manhattan.'
Perched on the southwest corner of 425 Main St., the condo offers nearly 270-degree skyline views — from the Upper East Side to Queens — and a private terrace that dwarfs many city apartments.
'The terrace is 1,122 square feet … that's bigger than a two-bedroom apartment,' Meade said.
12 It features a 1,122-square-foot terrace with sweeping skyline views.
Courtesy of Corcoran
12 The home offers one of the largest private terraces on Roosevelt Island.
Courtesy of Corcoran
With more than 1,400 square feet of interior space, the penthouse features a corner living room that opens directly onto the terrace. The layout includes a windowed five-fixture primary bath, an oversized walk-in closet, and a grand kitchen with counter seating that flows into an open-concept dining and living space, the previous listing noted.
But the deal is significant for another reason: it's part of the final chapter in Roosevelt Island's long-running development arc.
The apartment, along with several others in the Riverwalk Landing complex, had been leased since construction by developers Hudson Companies and Related Companies. Only recently, as leases expired, did the developers begin absorbing the inventory and releasing the units to market as sponsor sales.
'These units were already above market for, like, all of history,' Meade said, adding that in order to sell these units that many vie for, 'you have to have a little bit of kahunas.'
12 The home offers panoramic views of the East River, the Manhattan skyline and the Roosevelt Island Tram, along with a tax abatement in place until 2031.
Courtesy of Corcoran
12 The sale surpasses two other recent high-priced transactions in the same building: Unit 11E, which sold for $2.1 million in April, and Unit 15C, which went for $2.05 million in July after a bidding war.
Courtesy of Corcoran
The sponsor-held apartments represent the last bastion of new condo product on the island. Riverwalk Landing is the final phase of Southtown, the condo district co-developed by Hudson and Related over the past two decades.
With no additional ground to build on, the remaining sponsor inventory is expected to sell out quickly.
'We had four, three-bedroom apartments. We sold them all and three of them had outdoor space,' Meade said. 'This was the largest one.'
This transformation has been decades in the making.
Roosevelt Island was originally a hub for public institutions — its 19th-century landscape dominated by hospitals and asylums.
12 A second bedroom.
Courtesy of Corcoran
12 The third bedroom.
Courtesy of Corcoran
In the 1970s, it was reimagined as a planned residential community, with its first wave of apartment buildings constructed under the Mitchell–Lama program — a state initiative that offered developers tax breaks and low-interest loans to build affordable co-ops and rentals for middle-income New Yorkers.
'For a long time, we just didn't see a lot of sales because the Mitchell-Lama buildings were converting,' Meade said. 'Those people were not necessarily eager to sell … they wanted to live in their apartments for the rest of … until they retired or frankly died.'
But as those buildings transitioned out of the program and the tax abatements on newer developments began to phase out, the island's resale market finally started to take shape.
'We're selling more … but it's still a developing market in New York City,' Meade said. 'It hasn't been available for decades and decades.'
12 Riverwalk Landing offers full-service amenities including a rooftop deck, a concierge — and prime location near the F train, ferry and tram.
Courtesy of Corcoran
12 The apartment was one of the last sponsor-held units released by developers Hudson Companies and Related Companies, which had previously rented out the apartments since the building's completion.
Courtesy of Corcoran
The penthouse's appeal also came down to lifestyle.
Buyers increasingly want more than just square footage — they want fresh air, flexibility and some breathing room from Manhattan without actually leaving it.
'Since COVID, people have changed how they live in their homes and want to be in their communities, we have awesome outdoor space, fantastic views,' Meade said. 'And we're really close to the city … one subway stop … we're an 8-minute tram.'
In Riverwalk Landing, buyers also get a 24-hour concierge, a fitness center, a playroom and a rooftop terrace. The building is steps from the waterfront promenade, parks and ferry dock. For Meade, herself a Roosevelt Island resident, those perks explain why locals are often the island's biggest champions.
12 The record-breaking deal reflects shifting buyer preferences post-pandemic, as demand grows for space, outdoor access and proximity to Manhattan without the density of city living.
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'A lot of people who live on Roosevelt Island know that this is the livable solution for them,' Meade said. 'And they are even better and more ready to make that investment because they appreciate how unusual it is.'
The buyer of the record-breaking penthouse was no exception.
'It was like a legacy of the family,' Meade said. 'This was going to be the silver bullet for a really new beginning for their family.'
12 With sponsor inventory dwindling and resale momentum building, Roosevelt Island's once-overlooked condo market is rapidly redefining itself.
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The sale is also a reminder that on Roosevelt Island, supply is still deeply limited.
'If you want to live on Roosevelt Island, you have to buy on Roosevelt Island,' Meade said. 'We're sort of insulated from a larger real estate market.'
And with the last few sponsor units from Hudson-Related now hitting the market, buyers might not get another shot.
'When this is gone, it is gone,' Meade warned.