Marais-another "toxic" land lease building?

The Marais is a land-lease building, originally built as a luxury rental and then turned condop in the then-hot market nine years ago. Construction is recent enough that you get modern features like oversized windows and pass-through kitchens.

The building also has unusually good outdoor space -- both a back patio and a roof deck -- as well as a first-floor laundry room instead of a basement one.

Like much of the rest of Far West Chelsea, the Marais has benefitted from the High Line; many units now have park views.

The condop status was indeed a problem a couple of years ago, as it was tough to get banks to lend on the land-lease in the heart of the credit crisis.

However, at this point, prices for 2-BRs have rebounded nicely, with 8-D selling for $870K in the summer of 2011, as compared to the 9-D comp that sold for $888K.

My colleague Michael Walsh could tell you more about the building; he has been an owner there for years and loves it.

ali r.
DG Neary Realty

"Special Risks" on pages 1,2,3... are explained in the building's Prospectus.

where can I find the prospectus for this building

I think the seller's agent must provide you with a copy.

Does anyone know, exactly when is the "land lease" up, and what that will mean for owners?