425 Main Street (Riverwalk Landing)
425 Main Street, New York, NY 10044
BBL 1013737502 · BIN 1087292
- Year built
- 2006
- Type
- Condominium
- Floors
- 16
- Landmark
- No
- Amenities
- Attended lobby and concierge, fitness center, roof terrace and lounge, residents' entertainment room, children's playroom, interior courtyard garden and bicycle storage per listing and management-sourced records; confirm current facilities and any user fees with the managing agent
Every recorded sale at this building, 2007–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf
- $1,263
- Listing discount
- 0.0%
- Recorded sales
- 154
- On record
- 2007–2026
Riverwalk Landing is the fourth building of the Southtown master plan and, at 216 apartments, the largest for-sale building on Roosevelt Island's southern end. It is also the clearest example of what buying on the island actually means: a deeded condominium unit, in a full-service building, one F stop from Sixty-Third and Lexington — sitting on land nobody in the building owns.
That last fact is not a footnote. The land under every residential building on Roosevelt Island belongs to the City of New York and is leased to the State under a ninety-nine-year master lease signed December 23, 1969 and expiring December 23, 2068. RIOC administers that lease and subleases individual sites to developers. Riverwalk Landing's own lease with RIOC was recorded in February 2006, and the condominium was declared on top of it in May 2007. What a buyer acquires, precisely, is a condominium unit in a building that occupies its site under a lease with a finite end date.
A finite end date behaves differently from a fee interest as it ages. Lenders begin pricing the remaining term long before it expires; on a thirty-year mortgage the arithmetic starts to bite well inside the current decade's horizon. That is exactly why, on November 14, 2025, the City and State announced a framework to extend the master lease by ten years to 2078, saying plainly that the purpose was to protect island homeowners' access to financing and the stability of their values. The RIOC board took the item up on December 4, 2025. Whether that extension has been executed, and whether and how it flows down to this building's own RIOC lease, is the first question any buyer here should get answered in writing.
The second structural fact is the tax bill, which is not a tax bill. Because the land sits inside the UDC framework, DOF carries a full exemption on all 218 unit lots — the assessed value and the exempt value are the same number — and the building instead makes tax equivalency payments under an agreement annexed to the offering plan. Buyers arriving from the mainland frequently mis-model this in both directions: they either assume the carrying cost is a normal Manhattan condo tax line, or they assume a PILOT is permanently cheap. Neither is a safe assumption. Get the actual schedule.
The third fact is who owns the building. In two recorded bulk conveyances the sponsor sold 25 units to an affiliate entity in December 2007 and 94 units to an entity acting for Memorial Sloan Kettering Cancer Center in August 2008. On the current assessment roll those two owners still hold roughly 121 of the 216 apartments. New York University bought 58 units at the sellout and has since sold them off. The practical consequence is a building with a stable institutional tenant base, a thin float of individually owned apartments, and a resale record that is shallower than a 216-unit building would ordinarily produce. That is not a defect — Cornell's block at 455 Main Street does the same thing one building over — but it is a fact that governs both comparable evidence and board dynamics, and it belongs in the underwriting.
Architecture and unit composition
The building rises sixteen stories and roughly 179 feet in brick and masonry, filed in January 2006 and occupied from 2007, with about 196,000 square feet of building area on a large, irregular 45,000-square-foot site — a low site coverage by Manhattan standards, which is what buys the interior courtyard and the landscaped ground plane that the Riverwalk plan is organized around. Roughly 10,000 square feet of ground-floor retail faces Main Street in two commercial condominium units.
The apartment stock runs from studios and one-bedrooms through two- and three-bedroom layouts, and the plans reflect the site rather than a street wall: corner exposures are common, and the premium inventory faces west, across the East River's west channel to the Upper East Side skyline, the Queensboro Bridge and the tram cabins crossing in front of them. East-facing lines look toward Queens and the island's interior and price as the value tier. Because the building was designed and delivered in a single 2006–2007 campaign rather than converted, finish levels and mechanical systems are consistent across the stock, and condition variance between units is a function of nineteen years of individual renovation rather than of a conversion's uneven starting point.
Building operations
Riverwalk Landing operates as a full-service condominium: attended lobby and concierge, fitness center, roof terrace and lounge, an entertainment room, a children's playroom, courtyard garden and bicycle storage, per listing and management-sourced records. It also carries a line item no mainland building has — a ground rent obligation to RIOC that runs through the common charges, and the island's own public-safety arrangement. Both are contractual rather than discretionary, and both should be read out of the current budget rather than estimated.
The ownership mix is the other operational fact. With roughly 121 of 216 apartments held by two entities, a substantial share of the building is occupied by tenants rather than unit owners, and the composition of the board of managers reflects that. Ask for the current owner-occupancy ratio, the current budget and reserve position, and any pending or recently concluded assessment. None of this is published; all of it is obtainable from the managing agent, and all of it matters more here than the amenity list.
Local Law 97
- 2024–2029 annual penalty
- $13,512/yr
- 2030–2034 annual penalty
- $154,280/yr
- Per unit / month range
- $5 – $60
Source: NYC LL84 benchmarking and PLUTO · The Roebling Research Library. City record last verified September 2026.
See full Local Law 97 analysis — emissions history, scenarios, methodology →Facade safety — Local Law 11
The latest available filing classified the facade as SWARMP — Safe With A Repair and Maintenance Program: the engineer identified conditions requiring monitoring or repair before the next inspection cycle. The scope, timeline, and how the building funds the work are building-specific — we review the filings and board materials for you.
How to read this, and where it comes from
QEWI = Qualified Exterior Wall Inspector — the licensed engineer the city requires to sign the report (the independent expert, not the managing agent).
Source: NYC DOB facade filings (FISP) · The Roebling Research Library. City record last verified September 2026.
Recent sales
Riverwalk Landing has a real but thin resale record. Roughly 170 individual deeds have been recorded against the unit lots since 2007 — a heavy sellout wave in 2007 and 2008, a second wave in 2012 and 2013 as New York University divested its block, a long quiet stretch, and a clear resurgence of individual transfers running through 2025 and into 2026. Every one of them is recorded as a condominium unit transfer to a separate buyer, which is what makes this a genuine for-sale building rather than a rental in a condominium wrapper.
Pricing here reflects a set of adjustments that do not exist across the channel. Apartments trade at a discount to comparable post-2000 condominiums on the Upper East Side, and the discount is a function of the ground lease term, the PILOT structure, the island's single-subway-line dependence and the shallow comparable set — not of the apartments, which are newer than most of what the discount is measured against. Within the building, exposure is the dominant variable: west river-and-skyline lines are the product, east lines are the value tier. The pending master lease extension is the most consequential open item in the building's pricing, and buyers and sellers should both be tracking it. Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.
Recent closings at this building, curated by The Roebling Team research desk. 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.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Jul 7, 2026 | 9M | 1 BR · 1 BA · 725 sf | $875,000 | $1,207/sf | +0.0% |
| May 13, 2026 | 15B | 2 BR · 2 BA · 972 sf | $1,301,323 | $1,339/sf | +2.1% |
| May 13, 2026 | 15B | 2 BR · 2 BA · 972 sf | $1,301,324 | $1,339/sf | +2.1% |
| May 8, 2026 | 10B | 2 BR · 2 BA · 972 sf | $1,235,000 | $1,271/sf | +0.0% |
| Feb 12, 2026 | 15E | 2 BR · 2 BA · 987 sf | $1,190,000 | $1,206/sf | +0.0% |
| Jan 23, 2026 | 10E | 2 BR · 2 BA · 1,008 sf | $1,360,000 | $1,349/sf | off-mkt |
| Jan 23, 2026 | PH2G | 2 BR · 2 BA · 1,095 sf | $1,380,000 | $1,260/sf | off-mkt |
| Dec 15, 2025 | 16E | 2 BR · 2 BA · 987 sf | $1,190,000 | $1,206/sf | +2.6% |
Market read. Most recent trades (2026) cleared a median $1,263/sf across 6 sales. Median listing discount 0.0% from the last ask.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
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 1-01373-7502) 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; square footage from recorded condo declarations and offering plans.
What to know if you’re buying
Get the ground lease and read the expiry yourself. The Major Lease above this site runs to December 23, 2068. The building's own RIOC lease was recorded in February 2006 and its stated term is not established in the public index. Have counsel obtain the lease exhibit from the offering plan and confirm the date. Then ask what the November 2025 ten-year extension does to it, and whether it has been executed.
Tell your lender it is a ground-leased condominium at the first conversation. Not at underwriting. Remaining lease term is a live input to loan-to-value and to term for many lenders, and a file that starts as a conventional Manhattan condo will be restarted.
Model the tax equivalency payment, not a tax bill. The lot is fully exempt from real property tax and pays a PILOT instead. Ask the managing agent for the current computation and schedule for your specific unit, and run the True Monthly Carrying Cost Calculator with the actual common charge and PILOT figures rather than a mainland estimate.
Ask what the float is. Roughly half the apartments are held by two entities. That means a smaller pool of resale comparables, a rental population inside the building, and a board of managers whose composition reflects the concentration. Ask for current owner-occupancy, the budget, the reserve, and any assessment history.
Calibrate island life honestly. One F stop to Sixty-Third and Lexington, the tram to Fifty-Ninth and Second, the ferry, waterfront esplanade on both sides, Cornell Tech to the south — and a thin retail strip. The quiet is the product. Spend a weekday evening here before you decide.
What to know if you’re selling
Lead with the documents, not the views. The two questions that stall sales here are the ground lease and the PILOT. Assemble the lease exhibit, the current budget, the PILOT computation and the most recent financial statements before the first showing, and give them to buyers' counsel early.
Track the master lease extension and say so plainly. If the ten-year extension to 2078 has been executed by the time you list, document it. A longer remaining ground lease term is the single most useful thing a seller on this island can put in front of a buyer's lender.
Price against the island first, the mainland second. The relevant comparables are the neighboring Riverwalk condominiums. The Upper East Side discount is the closing argument, not the anchor — and with a thin float, exposure-adjusted island comps carry the pricing more than same-line history does.
Comparable buildings
If you're considering 425 Main Street, also evaluate:
- 455 Main Street (Riverwalk Place) — the adjacent Southtown condominium on the same tax block, also ground-leased, also carrying a large institutional ownership block; the closest like-for-like comparison
- 415 Main Street (Riverwalk Court) and 405 Main Street — the balance of the Southtown condominium inventory
- 551 Main Street (Island House) — the island's converted Northtown cooperative; the ownership alternative with a fundamentally different instrument and a two-track affordability regime
- 531 Main Street (Rivercross) — the neighboring former Mitchell-Lama that privatized as a cooperative
- 400 East 85th Street — mainland Upper East Side comparison for buyers pricing the island discount
- 167 East 61st Street — the cross-channel Upper East Side condominium comparison one subway stop away
- 430 East 58th Street — a Sutton-area alternative near the tram's Manhattan terminal
- 510 East 80th Street — Yorkville condominium alternative directly across the channel
The neighborhood
For the full corridor — architecture, schools, 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.
Considering a move at Riverwalk Landing?
Request a private building brief with the relevant comparable sales, current and off-market availability, and an apartment-specific view of value.
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at Riverwalk Landing 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.