"No Land Lease" substantially below market

Maybe I had it wrong, I guess those buildings are "LAND LEASE" buildings as opposed to "No land lease", I assume they do not own the land and that's why the monthly maintenance is so high??

Some buildings were land lease and purchased the land by substantially increasing the maintenance. Therefore they are NO LAND LEASE. 301 East 63rd Street is one such building.

The only reason I see someone would advertise "no land lease" is if they used to have one. Since they would have had to take on a huge mortgage to buy out the land lease, maintenance will be high going forward.

did any coop sell the building and the land so all the share holders cash out for a profit?

There must be, but the only one I know of offhand was http://streeteasy.com/nyc/building/533-west-end-avenue-manhattan

They sold out to Extell for 535 WEA.

And the little co-op that sold out to the developer of the http://streeteasy.com/nyc/building/m-at-beekman condo.

pier45, exactly. "No land lease!" is right up there with "Land lease extended at favorable terms!" as a sign to dig deeper.

This is a red flag , but it can bring on value

Re: 301 East 63rd - When do you guys think it will be favorable (if ever) to buy into that coop?

angry,
http://streeteasy.com/nyc/sale/658992-coop-301-east-63rd-street-lenox-hill-new-york
imagine putting down 10%
I would be like renting a studio. Not so bad if you had to sleep in the city 2 or 3 nights a week.

cool, one of my coop has 3 million asset, we should sell it and cash out