Sale at 101 West 23rd Street #2LM

Combinations generally result in exaggerated maintenance, but in this case it's mostly attributable to the ground rent in this much-discussed landlease building. Do a search for it over there to the right.

http://streeteasy.com/nyc/talk/discussion/2876-sale-at-101-west-23rd-streetwhat-is-the-deal-here

One of the owners of this building left a remark on the referenced thread. This does not look good at all.

ok. After googling a little bit, here's the not-so-surprising answer: a land lease. The building was built between 1958-1960, by now the land-lease is about half of its maturity (48 years left down from the original 99). If the land-lease generates such a mess half way the contract, why is it used to begin with? Or is it the fact that this particular contract doesn't have provisions for the coop to buy the land!?

" It’s on a 99-year land-lease, and if I remember correctly, there were a little over 50 years left on the lease (the building is definitely post-war). The maintenance is high to account for the land lease payments. I toyed with the idea of placing an offer, but as soon as i mentioned the address to my real estate lawyer, he told me to run away. Apparently, there are no provisions for the coop to buy the land once the lease expires. Also, maintenance payments are “hostage” to what the land owner decides to charge in any given period. Finally, banks are less and less likely to give a mortgage to a buyer the closer we get to the lease expiration."