Roosevelt Island-- Would you do it?

Are they land lease? What are the lease terms and potential rent escalation on the lease? It is nice there indeed and with the new engineering school, it will become more desirable in my opinion. However, I will NEVER buy a land-lease above the price of construction cost.

I don't know much about the RE over there, but I have been on the island running the perimeter when I was training for a half marathon. The west-facing side of the island is a lot nicer while the east-facing side is industrial. By the residential buildings there are limited convenience options--1 Starbucks, 1 Duane Reade, etc, so expect price gouging unless you are willing to rely on Fresh Direct deliveries for groceries. Except for the newer rental buildings a lot of the buildings were 60s affordable housing developments and look it from the outside. However you are saving quite a bit compared to Manhattan prices and the commute is super short. If the F train ever shuts down on weekends for repairs or whatnot you have to rely on the overhead tram (though I think there might be water taxis?) So as with any area there are pros and cons.

I like its quiet, except for the summertime roar of all those air conditioners. I like its diversity, which is thanks to more rentals than owned apartments, and its Mitchell-Lama history, and many UN workers. Though it has as few places to shop/dine out as much less diverse, and almost as isolated, Battery Park City.

If you drive, beware of Roosevelt Island Bridge closings during UN peak activity (September). At these times, the East River's west channel, which is normally the main navigational channel, is closed to ship traffic, and the east channel is used instead. Unlike the higher 59th Street Bridge, the Roosevelt Island Bridge must open for the taller traffic, which bottlenecks the road traffic to/from Queens.

Also, even though Roosevelt Island has a 212 area code and is part of Manhattan's CB8, its emergency services come from Queens. So if you're dependent on an ambulance, it will take you not-very-good Mount Sinai Queens in Astoria, not to Lenox Hill or NY Presbyterian.