Carnegie Tower - 115 East 87 Street (Carnegie Towers) LeaseHold (Land Lease) or FreeHold?
Started by vicsing
over 17 years ago
Posts: 21
Member since: Oct 2006
Discussion about Carnegie Tower at 115 East 87th Street in Carnegie Hill
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It's a condop. Block 1516, lots 1101 and 1102. The condo declaration is filed under the predecessor lot 7. 1101 is a school. 1102 is owned by the co-op.
NWT-great info, but who owns the land? Does lot 1102 own the land?
Both 1101 and 1102 own the underlying land.
Is this a land lease?
No.
Is this the building above the public school?
Over 20 years i have sold nearly 100 apartments in the building to date. This was originally a landlease with the City of NY's Educational Development Fund. although it was an excellent landlease with no escalation and a fee of just $86K a year, plus tax, the coop successfully purchase the lease from the City. The deal was made in approx 2003. It is not a landlease. I hope this is helpful.