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Land lease - don't go there

Started by nyc10023
about 16 years ago
Posts: 7614
Member since: Nov 2008
Discussion about
Why are there always posts on this subject. I have not seen a single example where the apt was priced "right" given land lease status in Manhattan. I'm not against land lease in: 1) the UK, where there have been laws enacted to enable leaseholders to buy freehold for a reasonable price & when they want to. I've seen leasehold newbuilds in the UK, but they tend to be 999 yr leases. 2) HK - where a lot of land is owned by the gov't/HKland but the leases are often 999 years.
Response by apt23
about 16 years ago
Posts: 2041
Member since: Jul 2009

i know. the prices on chelsea enclave, given that it is a land lease are ridiculous. and a really short land lease. love how the developer says they will never abandon the project. That is BS. they will cut and run -- and undercut the prices of all original buyers-- the minute the financial vise starts to pinch.

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Response by cliff702
about 16 years ago
Posts: 182
Member since: Apr 2007

301 East 63rd - another land lease gone wrong in NYC.

NYC10023 is so right. Land lease works some places, but NYC isn't one of those places.

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