2130 acp

Hi, in case this helps I heard that this complex has had much movement since dropping its prices few weeks ago with 8 contracts signed in the last 2 weeks. I myself heard of this place couple months ago but now am close to buying. I was explained that it functions as a condo. The op part of it is that the complex has leased the land its build on for 99 years (95 years remain -long time. Hope this helps.

I think it would be best to contact the developers directly if you are intending to make a purchase and find out the most up to date information regarding the condo from them.

Anyone know anything more about this property? Who actually owns the land (the developer of the building or someone else)? I can imagine this makes it very difficult to resell down the line which can be seen in the fact that no one is buying now, 95 years away from the lease expiration. I was very excited about this property until I learned of the lease situation.

Looks like the greedy developer couldn't scam enough people into buying a co-op on land that the co-op doesn't own, so now this is a rental property. The developer is obviously someone who can't be trusted so I say to anyone moving in here, please read your lease carefully.

It is definitely a rental at this point. When I was there this week, I was told that a few of the units had been sold but none were currently for sale. Nice place for a rental!
I don't know anything about the land lease but my guess as to why it din't sell was that it's across the street from a huge housing project and also north of a lot of the other condo development.

Gantp - There are literally hundreds of buildings in NYC built on leased land. While It's a bit unusual, in no way is it a SCAM. As long as the buyers are made aware of the land lease (and the usually higher common charges) it's not scamming anyone. Any decent real estate attorney would explain the land lease and how it might impact future sales. See the Marais in Chelsea and EVERY building in Battery Park City - just a couple of examples of successful developments on leased land. It won't affect tenants at 2130 unless they are planning to rent for 100 years, which is when the lease expires if I am not mistaken.