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new land lease projects.

Started by Belgariad
over 9 years ago
Posts: 58
Member since: Jan 2011
Discussion about
why are they still being built? http://www.6sqft.com/construction-update-100-barrow-street-rises-above-street-level-from-st-lukes-churchyard/
Response by NWT
over 9 years ago
Posts: 6643
Member since: Sep 2008

The church can't sell the land, but it can lease it out. So the building on the land can only be a land-lease co-op.

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Response by 30yrs_RE_20_in_REO
over 9 years ago
Posts: 9877
Member since: Mar 2009

Isn't 10 Bond St also a land lease?

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Response by NWT
over 9 years ago
Posts: 6643
Member since: Sep 2008

Yes. I guess the landowner just wants to hold onto the land. The landowner is also the developer of 10 Bond, as far as I can tell. It's for 89 years.

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Response by NWT
over 9 years ago
Posts: 6643
Member since: Sep 2008

Oops, no, the landowner is not the developer. I got confused between all the LLCs. https://www.bisnow.com/new-york/news/retail/10-bond-sts-developers-sue-land-owner-claiming-extortion-57786

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Response by NWT
over 9 years ago
Posts: 6643
Member since: Sep 2008

Here's the complaint of the co-op and sponsor against the landowner: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=bcnFTj759Uyk/4ol8aS2Dg==&system=prod

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Response by NWT
over 9 years ago
Posts: 6643
Member since: Sep 2008

And the lease itself: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=PWcmkbkAQk/7PQvZpmn7jg==&system=prod

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