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Carnegie Tower - 115 East 87 Street (Carnegie Towers) LeaseHold (Land Lease) or FreeHold?

Started by vicsing
almost 17 years ago
Posts: 21
Member since: Oct 2006
Discussion about Carnegie Tower at 115 East 87th Street in Carnegie Hill
Hi, we came across this building on the UES. While the layouts of the apartments are good and they are large they are generally priced much much lower than comparable 2 BRs (or convertible 3BRs) in the neighborhood (from a $/square foot perspective). We heard from a broker that the building might not own the land its sitting on (rare for New York). How does one verify this fact for this building or for any other building in Manhattan for that matter? In particular how many years might be left on the lease? http://www.streeteasy.com/nyc/building/115-east-87-street-manhattan
Response by NWT
almost 17 years ago
Posts: 6643
Member since: Sep 2008

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.

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Response by skippy2222
almost 17 years ago
Posts: 202
Member since: Jun 2008

NWT-great info, but who owns the land? Does lot 1102 own the land?

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Response by NWT
almost 17 years ago
Posts: 6643
Member since: Sep 2008

Both 1101 and 1102 own the underlying land.

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Response by er1to9
over 15 years ago
Posts: 374
Member since: Mar 2007

Is this a land lease?

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Response by NWT
over 15 years ago
Posts: 6643
Member since: Sep 2008

No.

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Response by streetview
over 15 years ago
Posts: 331
Member since: Apr 2008

Is this the building above the public school?

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Response by plp_1071765
about 15 years ago
Posts: 3
Member since: Nov 2009

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.

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