Westview finally springs free, Mitchell-Lama conversion now complete

Announcing the Mitchell-Lama conversion final approval, David Hirschhorn said, “Perched atop the East River on Manhattan’s Roosevelt Island, coop apartments in the 19-Story, 360 unit Westview Apartments will soon be offered for sale. Hirschhorn, managing member of the developer, WV Preservation Partners, LLC, has shephered the complex through the years long process.

By David Stone

Roosevelt Island Daily News

The long wait is over and the door has opened wide for people dreaming of making Westview, at 625 Main Street, their permanent home.

“The New York State Attorney General has just accepted the offering plan for filing allowing sales of these much anticipated coop apartments to proceed,” Hirschhorn said in a press release.

This was no small feat. After months of talks, Westview’s tenants approved a final plan for the conversion. Negotiations with the state followed, and then, a review by the AG during a period of transition.

“We are extremely pleased to now be able to move forward with the sale of these apartments to both our existing tenants, who have so patiently awaited this day, as well as to new individuals and families looking for reasonably priced highly customized renovated apartments on Roosevelt Island,” he added.

“We are very appreciative of the tremendous effort and support that we received from our State partners, including the Governor’s Office, the Division of Housing and Community Renewal, the Roosevelt Island Operating Corporation and Empire State Development, without whose participation in this public – private partnership the conversion of Westview and the preservation of affordable housing would not have been possible,” said Hirschhorn.

Making the Westview conversion easier…

In a follow up telephone conversation, Hirschhorn said that his team has already lined up banks eager to handle mortgages. Preparations are such that the gears on this should kick in within a day or two.

“Westview will offer existing tenants the unprecedented opportunity to purchase their apartments for well below market prices or, for those tenants who elect not to purchase, they will be able to continue to rent their apartments with rent increases based on the RGB (New York City Rent Guidelines Board) increases, although the apartments are not rent stabilized,” he clarified.

This is the second time around for the Westview management team. In 2015, they handled the Mitchell-Lama exit of its sister complex and next door neighbor, Island House.

Alyssa Brody (alyssa@devmarketingteam.com) from the Development Marketing Team reminds that a limited number of apartments similar to Westview’s are also immediately available in Island House.

She’s enthusiastic.

“Buyers looking to experience Manhattan’s best kept secret will soon have the opportunity to purchase fully renovated units with high end finishes and unparalleled Manhattan views on Roosevelt Island – only 90 seconds to the East Side. Its like living in your own private park,” Brody noted.

How this affects community life on Roosevelt Island…

The Westview conversion, now finally complete, will be a major boost for family life on Roosevelt Island. Not only will it now enable long time residents to stay, it makes new, affordable homes available for newcomers. The apartments are large, especially by New York City standards.

Roosevelt Island is a dynamic community that preserves traditional standards. It’s peppered with historic sites that are free for visiting, but it’s also the home of Cornell Tech, a groundbreaking graduate school.

Parks abound, from historic Lighthouse Park on the north tip to FDR Four Freedoms State Park in the south across from the United Nations.

Stay tuned for future developments in this success story.

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