Trump Plaza - NO LONGER A LAND LEASE!

The closing was on 2/26 for $185,000,000. The co-op came up with the money by assessing shareholders and taking on more debt.

interesting...have to look into this as future sales will be a great glimpse into how the open market values the difference in monthly carry...with rates so low though, not sure how to quantify that dynamic into the equation relative to where rates were for past sold comps with the landlease level monthlies

OP, at what % or otherwise was the maint reduction?

How much is the special assessment to each owner and for how long. Must be an astronomical amount considering the owner was asking $180 million for the land.

154 units so $1,200,000 buckaroos per apartment

Did the $185MM include the right to remove Trump's name from the building?? Perhaps some good came out of a bad situation. While it is good long-term to lock in ownership and avoid the many pitfalls of land leases, these eye-popping numbers equal about $825 a square foot for each unit, or about half the market price of the units.

I wonder how the commercial space/leases played out. There's a garage and quite a bit of Third Ave commercial spots on that lot (cursed retail locations as they may be).

The retail and garage had been leased long-term by the co-op to Donald Trump, who then subleased the stores, etc., to their tenants.

Don't know whether that lease to Trump is still in effect, but in any case it was for space in the building owned by the co-op, not for any part of the land.

Who can put a price on owning such easy access to and from the Queensborough Bridge?

Ah, thanks. So no new income sources to set off the expenses. Was just wondering maybe...

And every buyer will love the parade of trucks spilling from the free bridge at 6AM. That's free!

http://streeteasy.com/sale/1140160-coop-167-east-61st-street-lenox-hill-new-york

This unit for sale encumbered with $1.7 million assessment.