Between 1800 and early 1900, Roosevelt Island — named after FDR — was just a little stretch of land with eight city hospitals, a workhouse and a jail (“Boss Tweed” was among the notorious prisoners). The 1970s brought a wave of residential development.
Today, the two-mile long island in the East River has a community of 14,000 residents (20% increase from 2010) who mostly live in high-rise rental buildings. Roosevelt Island is known for its green space, beautiful views of Manhattan and easy commute to Midtown. There is also a tramway, offering a seven minute scenic and aerial trip to the east side of the city.
Thanks to Hudson and Related, new luxury developments are coming to Roosevelt Island. Current condo prices range from $1.1 million for a two-bedroom to a little above $500K for a studio.
A 1975 rental building called Island House with 400 units is in the process of being converted to a co-op. Asking prices range from $354K for a 600 square foot studio to $1.3 million for a 1,656 square foot three bedroom. Cornell University is building a new campus there — a two million square foot project — which will help boost New York as a technology hub. Opening is expected in 2017.