531 Main Street #504, New York City, NY 10044
Listing Courtesy of Modern Spaces
$290,000
Potential Rebate: $4,350
Overview
Stunning Opportunity to embrace Roosevelt Island Living!<br><br>Discover the incredible potential awaiting you in Apartment 504, a generously proportioned studio cooperative nestled on the desirable and tranquil Roosevelt Island. This unique home offers an unparalleled chance to craft your dream urban retreat, boasting a desirable layout that includes a rare and highly convenient one and one-half bathrooms.<br><br>Bask in exceptional natural light throughout the day, thanks to the apartment's prime positioning. The main living area features a bright, east-facing exposure, perfect for welcoming the morning sun, complemented by an additional window facing south, providing delightful ambient light and charming city glimpses. The superb light quality enhances the already spacious feel of this large studio.<br><br>This is your chance to reimagine the space entirely, allowing you to customize the residence to your exact specifications and luxury standards. The strong foundation is here—all that's needed is your creative vision to realize its spectacular potential.<br><br>Roosevelt Island offers a unique lifestyle with easy access to Manhattan, beautiful waterfront parks, and a close-knit community. Seize this exciting opportunity to create a bespoke, one-of-a-kind home in an unbeatable island location.<br><br>Schedule your appointment to view today!<br><br>**Photos are virtually staged<br><br>Modern Spaces exclusively lists this property.
Home Features
- •Central Air
- •Common Area
- •Building Storage
- •Building Roof Deck
- •Entrance Foyer
Estimated Monthly Payment
$2,944 per month
30 year fixed, 6.28% Interest
Estimated Rebate for this Home
One-time rebate at closing
$4,350
Monthly savings impact
$12/mo
💡 Estimated at 1.5% of purchase price
The rebate is paid to you at closing and can help offset closing costs or other expenses.
Calculator Disclaimer: This calculator provides estimates for informational purposes only. Actual monthly payments, interest rates, taxes, and rebate amounts may vary. The rebate calculation is an estimate and subject to final terms. This information is not provided by the Real Estate Board of New York (REBNY).
Why Buy With Us
Rebates Up To
2.5%
25+ Years
Experience
REBNY & NAR
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Listings
RLS IDX Data display by Real Estate Rebate Team. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2025 The Real Estate Board of New York, Inc., All rights reserved. IDX information is provided exclusively for consumers’ personal, non-commercial use and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and for no listing shall the number of bedrooms listed be considered a legal conclusion.
The Real Estate Rebate Team
Listing Courtesy of Modern Spaces
Data Source: TRESTLE #RLS20060127
Price Analysis
Compare average listing prices and value metrics for 531 Main Street against the surrounding Roosevelt Island market.
Average List Price
Price Per SqFt
38.74% Lower
than the Roosevelt Island price-per-sq-ft average
Units in this building are listed below the neighborhood average, potentially offering better value per square foot compared to surrounding properties.
Roosevelt Island
Overview of Roosevelt Island
Roosevelt Island is an impossibly quiet, 2-mile sliver of land in the East River, sitting between Manhattan and Queens. It operates as part of the borough of Manhattan but feels like a separate world. For buyers interested in Roosevelt Island Manhattan real estate, it offers waterfront value, stunning views, and a suburban pace of life just minutes from the city.
Living in Roosevelt Island is unique. You take a tram or subway to get home. Traffic is minimal as cars are restricted in many areas. As a distinct Manhattan NYC neighborhood, it attracts diplomats (due to proximity to the UN), medical researchers, and families who want safety and space.
Real Estate & Housing Market
The market for homes for sale in Roosevelt Island is dominated by co-ops (originally Mitchell-Lama developments) and newer luxury rentals and condos like Riverwalk. Prices here are significantly lower than mainland Manhattan, offering excellent value for waterfront living.
It is a leasehold community—most buildings are on ground leases from the city/state, which can complicate financing but often results in lower purchase prices. The new Cornell Tech campus has driven new interest and investment in the southern end.
Lifestyle & Community
The lifestyle in Roosevelt Island is peaceful. There is no nightlife. Residents enjoy running along the river promenade, picnicking in Franklin D. Roosevelt Four Freedoms Park, and playing sports on the ample fields.
Community is incredibly tight. Because it is an island, there is a "small town" familiarity. It is one of the most international and diverse zip codes in the city.
Transportation & Accessibility
Roosevelt Island is famous for the Roosevelt Island Tramway, which offers a cinematic 4-minute ride to 59th Street and Second Avenue. The F train also stops deep underground, connecting to Midtown in one stop.
The red "Red Bus" circulates the island for free, shuttling residents to the subway and tram. It is a car-lite environment, which many parents love.
Parks, Schools & Amenities
The entire island is essentially a park. Four Freedoms Park at the southern tip is a Louis Kahn masterpiece. Lighthouse Park at the northern tip offers grilling and fishing.
Amenities include a public library, schools, and a few restaurants and grocery stores on Main Street. The Cornell Tech campus has added a cafe and hotel, bringing a bit more activity to the area.
Who This Neighborhood Is Best For
Roosevelt Island is best for families, UN employees, and anyone who wants to escape the noise of the city completely while remaining a 5-minute tram ride away.
