415 Main Street (Riverwalk Court)
415 Main Street, New York, NY 10044
BBL 1013737503 · BIN 1087315
- Year built
- 2007
- Type
- Condominium
- Units
- 123
- Floors
- 16
- Landmark
- No
- Amenities
- Attended lobby, fitness center and yoga room, children's playroom, a function room with private terrace, roof terrace, rear yard, bicycle room, storage units and cabanas, per the offering plan and building rules on file
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at Riverwalk Court would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.
Riverwalk Court is the fifth building of the Southtown master plan: 123 apartments designed by Costas Kondylis's office, one F stop from 63rd Street and Lexington Avenue. What sets it apart from its Riverwalk neighbors is ownership. The sponsor sold every apartment one at a time, and no hospital, university or affiliate holds a block. Its ownership therefore looks more like a mainland condominium than its neighbor at 425 Main does, and its resale record reflects individual owners.
The building still sits on land that no one in it owns, and the documents on file are unusually explicit about what that means. The ground lease runs to December 22, 2068. If it is not renewed, the lease ends and so does the condominium. The offering plan tells purchasers in writing that unit values will likely decline as the remaining term shortens and that financing will get harder to obtain. Every buyer should read that passage.
The November 2025 master-lease framework matters, but not in the way most buyers assume. Under the ground lease, an extension of the Master Lease does not extend this building's lease. It gives the condominium a right of first negotiation: RIOC must negotiate in good faith for two to six months, starting on the later of July 1, 2065 or 90 days after the Master Lease is amended, and any extension is at a then fair market rental. So an executed master-lease extension opens a negotiation, and the building should expect a higher ground rent in return for more term.
Two cost lines are also moving. The ground rent rises 2.75% a year through lease year 30. After that it resets to the greater of the current rent or 55% of a 6% return on the appraised land value, and it can never go down. On a lease that began in 2007, the reset falls around 2037–2038. Meanwhile the tax equivalency payment is partway through a phase-in, described below. A buyer here is underwriting two scheduled increases, not a static carrying cost.
Architecture and unit composition
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.
Building operations
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
Riverwalk Court has a steady resale record. About 200 deeds have been recorded across the 123 unit lots since 2009: the sponsor sellout from 2009 to 2013, followed by owner-to-owner resales in every year since, peaking in 2021. About half the unit lots have resold at least once. Every one is a condominium unit transfer to a separate buyer.
Pricing reflects the island adjustments, which are structural and have nothing to do with the apartments themselves. Units trade at a discount to comparable post-2000 Upper East Side condominiums, priced per square foot. The discount comes from the remaining ground-lease term, the TEP phase-in, the scheduled ground-rent reset and a shallower comparable set. Within the building, exposure drives price: the west channel-and-skyline lines are the top tier. Unlike at 425 Main, the building's own comparables come from individual owners rather than institutional sellers. Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.
Recent closings at this building, sourced from NYC Department of Finance records. Apartment-level detail (line, condition, asking-price context) verified upon consultation request.
| Date | Unit | Price |
|---|---|---|
| Aug 17, 2026 | 2-F | $1,250,000 |
| Jul 15, 2026 | 10-D | $975,000 |
| Mar 4, 2026 | PH2-G | $2,150,000 |
| Nov 26, 2025 | 14-F | $1,225,000 |
| May 15, 2025 | 4-F | $1,212,500 |
| Feb 6, 2025 | 6-H | $995,000 |
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01373-7503) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price.
At the recent median sale of $1.23M (6 sales since 2024), a buyer putting 25% down would pay about $54,002 to close, or 4.4% of the price.
- Mansion tax: $12,250
- Mortgage recording tax: $17,686
- Title insurance: $5,513
- Attorneys, lender, building fees, reserves and filings: $18,554
Assumes a resale (the seller pays transfer taxes), a $4,500 attorney fee and a mortgage on the rest.
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What to know if you’re buying
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. If the 2078 master-lease extension has been executed, the useful questions are whether the Board has started the right-of-first-negotiation process and what ground rent RIOC is proposing.
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.
What to know if you’re selling
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.
Comparable buildings
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 the F's Lexington Avenue–63rd Street station
- 430 East 58th Street — a Sutton-area alternative near the tram's Manhattan terminal
More Upper East Side buildings
- The York Gate (405 East 63rd Street) — 1958 co-op
- 407 East 91st Street — 1901 co-op
- 408 East 79th Street (The Arcadia) — 2005 condominium by Costas Kondylis & Partners
- 420 East 72nd Street — 1962 co-op
- 420 East 86th Street — 1935 condop
- The Oxford (422 East 72nd Street) — 1990 condominium by Emery Roth & Sons
The neighborhood
For the full corridor — architecture, transit, and pricing across Upper East Side — read The Roebling Team Guide to Upper East Side.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent. Where this page compares one building or neighborhood to another, that is our analysis of the recorded record — it names the measure, the period and the sample it rests on, and it is an observation about medians rather than a prediction about any particular apartment.
Considering a move at Riverwalk Court?
Request a private building brief with the relevant comparable sales, current and off-market availability, and an apartment-specific view of value.