Roosevelt Island condo asks record $2M

Unit at 415 Main Street is the most expensive listing ever on the island
May 30, 2017 01:30PM

A three-bedroom condominium on Roosevelt Island is asking $2 million, or roughly $1,428 per square foot, a record for the area.

The 1,400-square foot apartment is on the seventh floor of Riverwalk at 415 Main Street,  Bloomberg reported. The previous record for the area was the sale of a 15th-floor three-bedroom in the same condo building — which was developed by Related Companies and Hudson Companies — for $1.8 million, according to the publication.

Roosevelt Island, a 147-acre island on the East River between Manhattan and Queens, is officially in the borough of Manhattan. The median price of a three-bedroom Manhattan apartment was $3.1 million last quarter, according to appraisal firm Miller Samuel. But on Roosevelt Island the median price of the 13 units that sold in the quarter was $786,306.

“The share of apartments listed at $2 million or more has climbed substantially, in part because of the frenzied pace of luxury construction in the city,” Grant Long, an economist with StreetEasy, told the publication. “As the $2 million price point becomes more prevalent, an increasing number of sellers of existing units are going to feel entitled to a price in that range,” Long said.

The Corcoran Group’s  Ben Garama has the listing. [Bloomberg] Miriam Hall