Manhattan co-op heads to auction

l a n d l e a s e

Dude,how can you fail to mention the expiring landlease in 2040?

Here, a SIX YEAR OLD article.....jeeze
http://ny.curbed.com/archives/2005/10/24/curbed_pricechopper_update_on_west_23rd_all_that_glitters.php

or just a smidgen of due dil on SE
http://streeteasy.com/nyc/talk/discussion/2876-sale-at-101-west-23rd-streetwhat-is-the-deal-here

If you're referring to me, truthskr 10, the truth is I did make mention of a land lease. Look again. As for research, I didn't notice any post by you on the upcoming auction.

Um yes Malcolm , I am referring to you.
What is more important you think? That the owner is chapter 7? That the "maintenance is high probably because of a land lease?".... Or that the land lease expires in 2040???

>... while there's a lease in place until 2040, the landlord might be able to revoke the lease whenever he feels like it and sell the land, and thus screw over everyone in the building if, say, the new landlord wanted to tear down the building and build a luxury high-rise. He didn't even know all the logistics, so he referred us to a real estate attorney. The broker, who was refreshingly honest by the way, then said that there had been a deal in place, but if fell through because the buyer's bank wouldn't provide a mortgage for such a shady situation (perfectly understandable). And I'm guessing that a lot of brokers must know about this, because in spite of exposure on Curbed and in last week's New York magazine, we were there for a good 20 minutes and we were the only ones there the entire time. Yeah."

If you still don't get the problem here, (certainly not some secondary posting of an auction notice)what can I say.....

It's like reporting a sale on louisiana crayfish, the reason you may want to wash them a little longer is they may have some above average oil on them.

So I guess whoever bids on the apt. assuming anyone does, better have 100% cash because no bank will give the buyer a 30 year mortgage. And why should they? I sure as heck would not.

I bid 10k.