Loft 55__LAND LEASE?

Yes. When the lease expires in 2101, the co-op or its successor has right of first offer to buy the land and building. Don't know what the rental terms are, but they'll be in the financials.

The land lease list in progress:

100 West 57th - Carnegie House
101 West 23rd
110 Central Park South (leasehold condop)
116 West 22nd - SOMA
142 Duane
150 East 61st
167 East 61st - Trump Plaza
175 East 62nd
177 9th Ave - Chelsea Enclave
190 East 72nd
2 Tudor City Place
205 East 63rd
215 East 96th - One Carnegie Hill
24 5th Ave
242 East 25th
27 East 65th
303 East 57th - Excelsior
305 West 16th (leasehold condop)
310 East 46
333 East 91st - Azure
34 Leonard
343 East 74th
4 West 21st - 4W21 (marketed as "condop" but really landlease coop)
419 West 55th - Loft 55
420 East 51st
445 Lafayette - Astor Place (leasehold condop?)
50 East 8th
50 Gramercy Park North
54 East 8th
520 West 23rd - Marais
575 Park Avenue - The Beekman
88 Morningside (Central Harlem)
995 Fifth Ave - The Stanhope
*Battery Park City (*condos on gov't land w/ PILOT)

West34, thanks for posting this useful list!

Just FYI, 310 East 46 isn't a land lease bldg. Their maintenance is high because of the giant underlying mortgage!

According to several posts in this thread it's a land lease:
http://streeteasy.com/nyc/talk/discussion/3161-310-e-46-street

Those posts were wrong. ClintonBuyer and some posters in that thread were correct: it's not a land-lease.

It went co-op in the previous boom, 1988. The sponsor saddled the co-op with a $25,000,000 mortgage, so the price for an average apartment was $76,000 less than it would've been had they gone condo. Maintenance was correspondingly higher than CCs would've been, to cover that debt service. No big deal.

By 1998 the co-op had paid down $4,000,000 of the principal, but then borrowed another $9,000,000, taking it to the $30,000,000 it's been ever since.

I don't know what the co-op spent the $9,000,000 on, but remember reading about some major work.

Here's a 1998 story it: http://www.nytimes.com/1998/06/05/nyregion/residential-real-estate-10-years-after-first-sale-co-op-makes-comeback.html