Roosevelt Island Real Estate Market Trends

Market Overview for Quarter 1, 2021


Median Sale Price

$676K

-42% YoY


Median Price/Sqft

-

-% YoY


No. of Transactions

4

-42% YoY

Manhattan Median Sale Price

$1M

-1% YoY

In Quarter 1, the median home sale price in Roosevelt Island was $676K, down 42% year-over-year. There were a total of 4 transactions, representing a 42% drop compared to Quarter 1 last year. The median price per square foot was -, a -% YoY change. In Quarter 1, the median home sale price in Manhattan was $1M.

Roosevelt Island Neighborhood Map

A very narrow island on the East River, Roosevelt Island is between Manhattan and Queens. The island is actually owned by the city but has been leased to NY's Urban Development Corporation. Most buildings are rentals though there's also Rivercross, a cooperative, and Riverwalk, a condo building. Three addition buildings are being privatized.

Roosevelt Island Median Sale Price

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Median Sale Price Per Square Feet

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Real Estate Transactions in Roosevelt Island

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Top most expensive neighborhoods in Manhattan

Roosevelt Island median price compared with other neighborhoods in Manhattan

Property values in Roosevelt Island are lower compared to the borough of Roosevelt Island overall.




Roosevelt Island median price compared with all the neighborhoods in Manhattan

Neighborhood Borough Median Sale Price
Hudson Yards Manhattan $5,504,250
TriBeCa Manhattan $3,550,000
SoHo Manhattan $3,250,000
Hudson Square Manhattan $2,906,012
Civic Center Manhattan $2,760,000
NoLIta Manhattan $2,647,450
Central Park South Manhattan $2,147,500
NoHo Manhattan $1,935,000
Little Italy Manhattan $1,925,000
Garment District Manhattan $1,900,000
Flatiron District Manhattan $1,865,000
Chinatown Manhattan $1,733,179
NoMad Manhattan $1,623,500
Carnegie Hill Manhattan $1,500,000
West Village Manhattan $1,312,500
Two Bridges Manhattan $1,225,900
Greenwich Village Manhattan $1,165,000
Lenox Hill Manhattan $1,150,000
Gramercy Park Manhattan $1,119,375
Upper West Side Manhattan $1,100,000
Chelsea Manhattan $1,077,600
East Village Manhattan $1,049,500
Lincoln Square Manhattan $1,040,000
Theatre District - Times Square Manhattan $997,500
Financial District Manhattan $967,500
Central Midtown Manhattan $830,000
Yorkville Manhattan $824,000
Turtle Bay Manhattan $820,000
Sutton Place Manhattan $803,750
Manhattan Valley Manhattan $800,000
East Harlem Manhattan $790,000
Clinton - Hell's Kitchen Manhattan $779,500
Battery Park City Manhattan $762,900
Murray Hill Manhattan $750,000
Lower East Side Manhattan $728,000
Harlem Manhattan $705,000
Roosevelt Island Manhattan $676,551
Morningside Heights Manhattan $670,000
Koreatown Manhattan $645,000
Kips Bay Manhattan $597,000
Washington Heights Manhattan $590,000
Inwood Manhattan $535,000
Tudor City Manhattan $492,500

Residential Properties Sold in Roosevelt Island

Property Type Median sale price Y-o-Y Median sale price/sqft Y-o-Y Transactions
Condos - - - - 0
Coops $676K -50% - - 4
Houses - - - - 0

Median coop sale price in Roosevelt Island were $676K, a change of -50% year-over-year. There was no statistically significant data for median condo price and median house price activity for the period of Quarter 1 in Roosevelt Island.

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Roosevelt Island Neighborhood Guide

For those looking for suburban living, but who still want to be in Manhattan, Roosevelt Island might just be the ideal match - it boasts a single traffic light for its entire two-mile length, an abundance of parks, and water views for nearly every residence. Until the 1970s about the only people who lived on the New York City-owned island in the East River were convicts and patients of the New York City Lunatic Asylum. It was called Welfare Island then but was renamed for Franklin Roosevelt after apartment buildings started going up. When the Queensboro Bridge was constructed across the island there wasn't even an off-ramp built (vehicles used an elevator to reach the deck, if necessary). Vehicular access to the rest of the United States was finally enabled by a bridge link to Queens in the 1950s. Traffic exists now but cars and taxis are still an afterthought here for the 10,000 or so residents. Like most suburbs, there isn't a great deal of excitement to attract outsiders which keeps Roosevelt Island quiet and clubby.

Architecture and landmarks

Despite a relative paucity of buildings, Roosevelt Island does have quite an architectural pedigree. When it opened for residential settlement in the 1970s the initial plans were drawn up by influential postmodern architects Philip Johnson and John Burgee. There is one surviving remnant of the notorious Lunatic Asylum on the island - the five-story main entrance built of blue-gray stone in 1834. Known as The Octagon, it has been repurposed as high-end apartments and boasts more solar panels than any structure in the city. The Chapel of the Good Shepherd is an 1888 souvenir from Frederick Clarke Withers who was a master of High Victorian Gothic church design. The Blackwell Island Light, a stone lighthouse at the northern tip of the island, was designed by James Renwick, who also designed St. Patrick's Cathedral. Celebrated architect Louis Kahn contributed the four-acre Franklin D. Roosevelt Four Freedoms Park at the southern tip of the island. It features a classically-inspired memorial and bust of the four-term President. And there are close-up views of the Ed Koch Queensboro Bridge that was the longest cantilever bridge in the United States when it opened in 1909.

Transport

The main way that islanders access other portions of New York City is via the F train that pulls into the Roosevelt Island subway station more than 100 feet below ground level. The Q102 bus line ferries passengers towards Queens, but there is no direct bus line to Manhattan. That access is accomplished with the Roosevelt Island Tramway across the East River. On the island a free shuttle service called the Red Bus moves residents north and south.

Schools

Roosevelt Island students can attend P.S./I.S. 217 Roosevelt Island from pre-kindergarten to eighth grade. A branch of Cornell University called Cornell Tech is being built on the island and has started technology programs for students of all ages.

Health

The island's legacy of medical treatment survives in the Coler Goldwater Specialty Hospital & Nursing Facility, which has its roots in a facility opened in 1939. It is now a chronic care and rehabilitation facility. Immediate help can be found at Roosevelt Island Urgent Care on Main Street.

Safety

The 114th Precinct, which covers Roosevelt Island as well as several neighborhoods in Queens, reported 8.97 crimes per 1,000 residents in 2016. Roosevelt Island stands out as the safest part of this precinct and one of the safest neighborhoods in New York City.

Things to do

One of the most important things money buys in Manhattan is peace and quiet, and so Roosevelt Island leaves the things to do to surrounding areas. On the western edge along First and Second avenues a number of popular bars and restaurants have congregated to give the neighborhood an injection of young-leaning nightlife.

Nightlife is non-existent. The Saturday morning farmers' market is a big deal here. Culture is gleaned from movies and lectures at the Roosevelt Island Library and local performances and exhibitions staged by the Roosevelt Island Art Association. It is not unusual for potential visitors to ride the tramway over from Manhattan for a quick tour and turn around and ride back.

However, Roosevelt Island is pockmarked with gardens and parks. South Point Park was constructed around the ruins of the James Renwick Smallpox Hospital; it features wildflower-covered landscaping and open water views. At the other end, the Lighthouse Park is a great place for a picnic, practicing soccer, baseball and tennis at the Octagon, or fishing.