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One Carnegie Hill - Land Lease

Started by jklatsky
almost 16 years ago
Posts: 4
Member since: Nov 2009
Discussion about
What are the negatives of buying into a building with a land lease? Could maintenance be significantly raised after the 99 year lease is up? Does anyone know how many years are left on this land lease? Thanks!
Response by NWT
almost 16 years ago
Posts: 6643
Member since: Sep 2008

See the building thread at http://streeteasy.com/nyc/talk/discussion/14898-one-carnegie-hill

See also the memorandum of lease between the Islamic Center and the co-op at http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2006011200248007

The memorandum of lease doesn't record the lease payments but does include some pertinent points. The lease ends in 2102, with no provision in the lease itself for renewal or for purchase of the co-op's condo unit. You should therefore assume, when calculating a price for one of the co-ops, that the shares in the co-op will have no value in 2102.

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