Riverwalk Court land lease

No, they are telling people about the land lease. I am sure somebody knowledgable in sales office can tell you about the lease. Info. will also be in Offering Plan.

I dont know your experiance flatiron but when I spoke to an agent he said he did not know anything about the land lease and would get back to me...that does not make me want to look into it anymore...

The relationship between the city (which owns the land,) the state (which leases the land,) Related (building the condo,) and the condo-unit owners is complex and messy. Rather than trust to a synopsis by someone answering phones at the sales office, you should stop by and get a copy of the offering plan, as flatironj said.

You're probably right to pass this one by, when there're lots of established condos and straightforward new-construction condos out there.

According to the always correct Wikipedia:
"The land is owned by the city, but was leased to the State of New York's Urban Development Corporation for 99 years in 1969."

Personally, I enjoy visiting the island but I don't think I'd like to live there unless it came at a significant discount. However, I would not worry about a land lease owned by the state or city in the same way I would if it was owned by an individual (although I still would rather avoid any land lease buildings).

Thanks lookn2rtrn...i thought the same thing i thiught the developer would b more negotiable because it is ri and a landlease but they are only 23% off peak pricing still alot i thought for a land lease situation which some of their sales people dont know much info about

I have friends that live in the earlier Riverwalk buildings and they have no problem with the land lease. Often brag about their 20 year tax abatements to me and even looked at the new building which is apparently 60% sold. Solid value if you like the location.

I don't understand why would you buy a property sitting on a land lease when there are many other options around the city. No one knows what the city would do down the road but I guarantee you that your property value keeps depreciating the closer you get to the lease expiry date. Uncertainty does not make unit values go up but the opposite is true. I would stay away.

battery park is on land lease also and they seem no to have too many probs with those condos

battery park is expensive. and they're freaking far from anything... how long it will take you to get to the ues from battery park.. Better buy in waterfront JC then in battery park.

Battery Park is beautiful, and depending upon where you are in the park very close to Whole Foods, the 4/5/6 stop, etc. It's expensive because it's very nice living there. That said, I would never buy there because of the land lease issue. Try searching the condos for sale; the ones that don't have subsidized common charges as many of the newer condos do are getting killed in this market because the charges for landlease arrangements are astronomical.

thanks evnyc i guess the same astronomical charges can happen on RI land lease condos as well like Riverwalk court but them I still dont understand how they are selling pretty good in this market if its such a bad deal.

nina15, you need to find out the facts of this particular land lease. Generalizing about land leases is like saying all white people cant dance. I know the developers at RI. They do quality construction. A 20-year tax abatement is an incredibly good feature. If you are serious, ask somebody in the sales office to fax you the section of the offering plan that discusses the land lease. I am in no way affiliated with the project.

not very knowledgable in sales office and the women just wanted to tell me buy now there going fast! dont really care for that type of approach since they were saying the same thing a year ago... but thank you for your advice i do agree that it is a quality developer