Sale at 101 West 23rd Street

Search the discussions here for "land lease". Everyone says to stay away. Your maintenance could go up significantly over time.

Stay away! The lease has 37/38 years on it so a mortgage wont be a problem but resale and lack of appreciation will be an issue. When the lease runs down to 31 years, the building will have no option but to renegotiate, otherwise no bank will finance with a 30 year fixed (which will elimiate a substantial pool og buyers = tough resale).

Apts in that building are 'great deals' for the money on a price / psf but it's really not a deal if you price in impact of the landlease, the increases in maint which pay for the land lease and the fact that none of the maint. is tax deductable (b/c you're paying rent and not an underlying mortgage.)

If you pursue, let us know and I can put you in touch w/ a lawyer who has done man transactions in this particular building. Good luck.

its a land-lease. stay the f. away. i checked out a 1 BR a year or so back. maintenances are ridiculous, lobby is fugly. location is good but own nothing, just the right to lease from the coop and the underlying landlord.

Over the summer I went to an open house for #5H, and the apt. was a good value priced at 525K, but maintenance is $1490 (30% tax deductible). The agent said the building has 32 years left on its land lease, and will be renegotiated in the future. Was quite surprised this type of setup even existed (I am new to the market).

I guess if the numbers work for you, then it is OK. I would be worry about the resale value in the future. Personally I don't want to continue paying rent after I buy an apt.