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Are all co-ops on a land lease?

Started by bobnay
about 14 years ago
Posts: 74
Member since: Oct 2011
Discussion about
Hi. I am new to buying real estate in NYC. I am looking to buy a co-op unit. I was told to avoid co-ops in buildings that have a land lease coz the maintenance can shoot up as lease payment is reset higher and higher. So, my questions are: (1) Are all co-ops based on a land-lease? (2) If NO to (1) above, how do I find out? Thanks
Response by West34
about 14 years ago
Posts: 1040
Member since: Mar 2009

1. No! Vast majority of NYC coops own the land they sit on.
2. read this thread and the many others here on land lease:
http://streeteasy.com/nyc/talk/discussion/18999-is-this-a-land-lease-building

I don't believe there is an easily accesible comprehensive list of land lease buildings. Hey brokers -- do the world a favor and make one please!

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Response by bramstar
about 14 years ago
Posts: 1909
Member since: May 2008

You find out by asking. These days most listings will disclose whether the building is land lease.

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Response by kylewest
about 14 years ago
Posts: 4455
Member since: Aug 2007

You also may find these past threads informative:
http://streeteasy.com/nyc/talk/discussion/2876-sale-at-101-west-23rd-streetwhat-is-the-deal-here
or
http://streeteasy.com/nyc/talk/discussion/6691-whats-the-story-with-301-east-63rd-street

With the exception of Battery Park City which is a completely unique situation, land leases tend to be toxic assets in the opinion of many people. As West says above, nearly all coops own their land. Land leases are exceptions.

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Response by slo26
about 14 years ago
Posts: 3
Member since: Apr 2011

What if the land lease is for 150 years?

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Response by rb345
about 14 years ago
Posts: 1273
Member since: Jun 2009

Managing agent of Coop and its Offering Plan must disclose is Coop is
situated on a land lease

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

columbiacounty visited an apartment with a window in the shower and freaked out.

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Response by Socialist
about 14 years ago
Posts: 2261
Member since: Feb 2010

The best way to identify a land lease building is when you see listings with low asking prices but super high common charges.

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

Are socialists for land leases or against land leases?

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