Adams, Hochul Unveil Plan to Extend Roosevelt Island Lease, Launch Long-Term Development Strategy

New York City Mayor Eric Adams and New York Governor Kathy Hochul have announced a new framework to extend the Roosevelt Island master lease and begin a joint long-term planning effort aimed at shaping the island’s future.

The agreement — pending approval by the Roosevelt Island Operating Corporation (RIOC) — includes a 10-year extension of the city’s lease to the state, moving its expiration from 2068 to 2078.

Officials say the extension will provide financial security for more than 5,500 residential units, giving homeowners and residents clearer access to financing and helping maintain stable housing values. It also opens the door to a comprehensive planning and community engagement process that will explore new housing opportunities, infrastructure upgrades, and expanded amenities for the island.

Mayor Adams described the effort as the start of “the next great phase” for Roosevelt Island. “We’ll make it easier for New Yorkers living on the island today to stay in their homes and explore the possibility of adding new homes to welcome even more people,” he said.

Governor Hochul said the agreement paves the way for growth while preserving community stability. “This new lease extension will allow for the island’s next chapter — exploring opportunities to build more housing and new infrastructure for the community and visitors,” she said.

The framework marks the most significant update to the Roosevelt Island master lease since the original agreement in 1969. Roosevelt Island, leased by the city to the state since 1988, is home to 12,000 residents and more than 100 businesses.

As part of the new planning effort, the city, state, and RIOC will evaluate potential redevelopment of the decommissioned Roosevelt Island Steam Plant site, which is slated for demolition to allow future construction. They will also review the NYC Health + Hospitals/Coler campus, a 70-year-old skilled nursing facility that requires modernization, resiliency upgrades, and expanded care capacity. Input from Coler residents, staff, and the broader community will be prioritized.

The formal planning process is expected to begin in the coming weeks, with broader public engagement continuing into 2026. Officials will consult with the Roosevelt Island Real Estate Development Advisory Committee and Manhattan Community Board 8’s Roosevelt Island Committee as part of the outreach effort.

RIOC president and CEO B.J. Jones called the agreement a “vital step” toward stability for residents, businesses, and institutions. Local elected officials — including State Senator Liz Krueger, Assemblymember Rebecca Seawright, and Councilmembers Julie Menin and Lynn Schulman — welcomed the deal but emphasized the need for transparency, community involvement, and protection of essential services.

Developers and civic leaders also lauded the collaboration between the city and state. The agreement, they said, will ensure thoughtful planning and preserve Roosevelt Island’s distinctive character while enabling future growth.