415 Main Street (Riverwalk Court)

The building has about 126,000 square feet of floor area per city records and sits on the Riverwalk site plan with a rear yard. The apartments run from one- to three-bedroom layouts, per listing records, on floors 3 through 16 and two penthouse levels. The lines facing west, across the channel toward the Upper East Side skyline and the Queensboro Bridge, are the premium stock. East and interior-facing lines price as the value tier.

Because the building was designed and delivered in one campaign, the stock is consistent, and every unit has an in-unit washer and ventless dryer. Condition differences between units reflect individual renovation since 2009, not a conversion's uneven starting point. The 12 cabanas and 80 storage units are separate assets. Confirm whether the unit you are buying includes one, and how it is conveyed.

The tax equivalency payment. Under the ground lease, owners collectively paid a flat TEP of $144,000 a year for years 1 through 12. From year 13, the TEP is the city tax rate applied to the assessed value of the building only (land excluded, since the ground rent covers it), reduced by an exemption that steps down: 80% in years 13–14, 60% in years 15–16, 40% in years 17–18, 20% in years 19–20, and none from year 21. The 2020 audited statements still show the flat payment. On our estimate, if year 1 was the first operating year after the September 2009 first closing, the building is now in the 40% band and reaches the full payment around 2029–2030. That estimate needs confirming. Get the TEP commencement date and the current year's figure from the managing agent, because this is the line in the budget that is growing fastest.

Ground rent. The contractual ground rent was about $692,000 in 2020, more than a quarter of operating expenses, and the lease schedule in the statements takes it to about $793,000 by 2025. That is before the lease-year-31 reset.

Reserves and capital work. The reserve fund was just over $600,000 at year-end 2020, and the auditors noted that no reserve study had been done. Recent capital work included security equipment, a lobby and party-room project, elevator upgrades and exterior work. Ask for the current reserve balance and any planned assessment.

Management. Per the 2020 statements, the managing agent is affiliated with the sponsor. The building has eight employees under a 32BJ contract.

Recent sales

Recent closings at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. Most recent trades (2026 to date) cleared a median $1,100/sf (floor-adjusted) across 3 sales. Floor-adjusted means each sale is restated to a constant mix of floors, so the figure can differ from the plain median of the sales listed above. Median listing discount 3.5% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01373-7503; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.

Read the ground-lease disclosure yourself. The lease ends December 22, 2068. The plan states that the condominium ends with it unless the lease is renewed. Remaining term is a live input to loan-to-value and loan term for many lenders, so tell your lender at the first conversation that this is a leasehold condominium on RIOC land.

Model the TEP for your unit, this year and next. Ask for the current payment, the step it is on, and the projected payment at the full rate. Run the True Monthly Carrying Cost Calculator with the actual common charge, TEP and ground-rent share, not a mainland tax estimate.

Ask what the building has done about the extension. Under the timing formula quoted above, the contractual negotiation window opens no earlier than July 1, 2065. Ask the Board whether the 2078 master-lease extension has been executed, whether it is pursuing any voluntary earlier discussions with RIOC, and whether later amendments to the ground lease changed that provision.

Budget for the right of first refusal. Sales and leases pass through the Board's first-refusal process. It is normally a waiver, but it has its own timeline in the resale package.

Put the documents in front of buyers first. The ground-lease disclosure, the TEP schedule and current figures, the ground-rent schedule and the latest audited statements should go to buyer's counsel with the contract. Most delays on this island come from those questions arriving late.

Use the ownership profile. A building with no institutional block and a resale record made up of individual owners is an easier file for a buyer's lender than its neighbors. Say so.

Price against the island first. The relevant comparables are the neighboring Riverwalk condominiums, adjusted for exposure. Use the Upper East Side discount to close the sale, not to set the price.

If you're considering 415 Main Street, also evaluate:

• 425 Main Street (Riverwalk Landing) — the larger Riverwalk condominium next door, on the same ground-lease framework, with roughly half its apartments held by two institutional owners
• 455 Main Street (Riverwalk Place) — the earlier Southtown condominium on the same block, also ground-leased
• 551 Main Street (Island House) — the island's Northtown cooperative that owns a condominium unit; a different ownership instrument
• 531 Main Street (Rivercross) — the former Mitchell-Lama that privatized as a ground-leased cooperative
• 510 East 80th Street (The Carriage House) — a Yorkville condominium directly across the channel; the fee-simple comparison
• 167 East 61st Street — a 1984 Upper East Side cooperative near Lexington Avenue–63rd Street station (Q, weekday M and F at other scheduled periods)
• 430 East 58th Street — a Sutton-area alternative near the tram's Manhattan terminal