At what price does could make landlease worthwhile

Hi I am looking at a really nice apt in hells kitchen, really high ceilings, 1250 sq ft, 2 bed+2bath, WD, DW and everything, very nice views, no obstructions on top floor (aside from penthouse) I am told I can get this for around $700/sq ft. Now I have done a lot of research into comparative apts, condo and coop, they are usually around $900/sq ft for coops, and anywhere between $1000-1250/sq ft... [more]

Hi I am looking at a really nice apt in hells kitchen, really high ceilings, 1250 sq ft, 2 bed+2bath, WD, DW and everything, very nice views, no obstructions on top floor (aside from penthouse) I am told I can get this for around $700/sq ft. Now I have done a lot of research into comparative apts, condo and coop, they are usually around $900/sq ft for coops, and anywhere between $1000-1250/sq ft for condos. The catch is that its got a 99 yr land lease (91 yrs left)....so maintenance is relatively high, and because its a land lease, its less than 20% tax deductible..... Now I'm a finance guy, and I invest in bankrupt companies, so I'm pretty familiar with investing in crap.......at some price, anything can be a VERY GOOD investment with good returns. What I am not familiar with is real estate as this is my first place in NY. So I want to ask the RE experts here the following questions: 1) what is the % of landleases in manhattan ? 10% ? less ? more ?, and to follow up on that, what % is by private vs the city of NY ? 2) what are the usual discounts to condo and/or coops with land leases ? 20% on similar properties ? more? less? 3) in this situation, is $700/sq ft enough of a discount ? Thoughts ??? [less]