Sale at 420 East 51st Street #14G

It's a ground lease expiring in 2070. Rent resets every 15 years to 6% of the current unimproved value of the land, but no lower than $450,000.

hanks for the response nwt.. by ground lease you mean land lease? Im not sure what you mean by "no lower then $450,000 can you explain? Thanks

Right, land lease. The co-op owns the building but not the land on which it sits.

The minimum yearly rent is $450,000. So if the land's value were to fall to $6,000,000, the rent would be $450,000 instead of $360,000.

So the maintance will just keep going up I assume, I guess the ezplains why asking prices for virtually the same units vary greatley, I assume this would be a very risky building to buy in