New York state and city have reached a new conceptual agreement to extend the Roosevelt Island master lease by 10 years to 2078 and a separate agreement to begin a joint planning effort oriented around future development on the island. The outcomes of the planning and engagement work by the city, state and Roosevelt Island Operating Corporation will be incorporated into a longer-term extension to the master lease in coming years.

“Roosevelt Island holds some of the best views of New York City’s skyline, but also has a deep and rich history, making it a desirable place for New Yorkers to live and a notable tourist destination,” said Gov. Kathy Hochul. “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 to gather, while still providing stability for current residents.”

The planning process will also consider possible redevelopment of the defunct Roosevelt Island Steam Plant site and future use of the NYC Health + Hospitals/Coler campus, a 500-bed skilled nursing facility on the north side of the island.

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