Riverwalk 6 and 7 Record $185M, $75M, $75M Mortgages

Three mortgages recorded in ACRIS on Sept. 22 name Roosevelt Island Operating Corporation, the state public-benefit corporation that runs the island, opposite two Riverwalk entities: $185,000,000 and $75,000,000 for Riverwalk 6, LLC, and $75,000,000 for Riverwalk 7, LLC. All three are dated Sept. 17, and ACRIS lists RIOC as the second party on each.

For anyone underwriting on Roosevelt Island, the point is who is across the table. The land under Riverwalk is ground-leased from RIOC, so a mortgage tied to that agency is a lease-structure question as much as a lending one.

Why it matters

Related Companies and The Hudson Companies built Riverwalk as a nine-building complex of more than 2,000 condominium and rental apartments, and said in a 2022 release they were executing the ground lease from RIOC for the final building. The filings do not name Related or Hudson, and we have not confirmed that these two LLCs are their entities; we are not attributing the loans to them.

RIOC’s own board agenda for Sept. 10 listed authorization to ratify documents for the refinancing of a mortgage for Riverwalk 6 LLC/Southtown 6, a week before the documents were dated. That agenda item is the only public link we found between the board and these filings, and it covers Riverwalk 6 only.

The numbers

The two Riverwalk 6 mortgages ($185,000,000 in doc 2026092101089004, $75,000,000 in doc 2026092101089002) cover the same three lots, 1801, 1802 and 1803 on block 1373. Their recording numbers are two apart, so they were filed together. We do not know whether the $75,000,000 is new money, a spreader or a consolidation, so we are not adding them: $260,000,000 would be a guess.

Riverwalk 7’s $75,000,000 (doc 2026092101132001) sits on lots 10 and 2002 of the same block. A per-unit or per-square-foot figure cannot be computed because the filings carry no unit count or area.

What’s next

The document images will show whether RIOC is lender, ground lessor consenting to a leasehold mortgage, or both. Until then, treat it as unresolved. Developers eyeing other New York ground-lease sites should note that a public authority’s name on the paper can mean a consent role rather than a credit decision. Watch RIOC’s October board materials for the Riverwalk 7 item.