Related signs $111M construction loan for 357-unit project on Roosevelt Island

Related Companies through the entity Riverwalk 9, LLC as borrower signed a new construction loan with lender Roosevelt Island Operating Corporation and Wells Fargo valued at $111 million for the 357-unit development (V1) at 430 Main Street in Roosevelt Island, Manhattan.

Related submitted a new building project for a 365-unit, 268,800 square-foot residential (R-2) building with plans filed September 4, 2019.
The deal closed on November 10, 2022 and was recorded on December 7, 2022.
The signatory for Related Companies was Frank Monterisi. The signatory for Roosevelt Island Operating Corporation and Wells Fargo was Shelton J. Haynes. This is for a 357-unit new construction project.

The property

The 430 Main Street parcel has frontage of 117 feet and is 110 feet deep with a total lot size of 20,199 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In Roosevelt Island, the majority, or 58 percent of the 2.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 36 percent of the space. In sales, Roosevelt Island has not had any sales in the last two years. For development, Roosevelt Island has not had any major developments in the last two years.

The block

On this tax block, PincusCo has identified the owners of nine of the 30 commercial properties representing 1,678,690 square feet of the 3,120,569 square feet. The largest owner is Related Companies, followed by L+M Development Partners and then AJ Capital Partners.
On the tax block, there were four new building construction projects totaling 494,691 square feet. The largest is a 365-unit, 268,800-square-foot R-2 building developed by Jamar Adams with plans filed September 4, 2019 and permitted November 4, 2022. The second largest is a N/A-unit, 188,603-square-foot B building developed by Richard Cote with plans filed December 30, 2014 and permitted April 28, 2015.

The majority, or 58 percent of the 2.4 million square feet of built space are elevator buildings, with specialty buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Related Companies owned at least 225 commercial properties in New York City with 29,124,869 square feet and a city-determined market value of $8.9 billion. (Market value is typically about 50% of actual value.) The portfolio has $4.3 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 35 percent of the 29,124,869 square feet of built space are elevator properties, with office properties next occupying 31 percent of the space. The bulk, or 67 percent of the built space, is in Manhattan, with Bronx next at 17 percent of the space.

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