Another (maybe) landlease?

Looks like it is indeed a land lease:

https://newyorkyimby.com/2017/09/the-chamberlain-rising-at-269-west-87th-street-upper-west-side.html
https://therealdeal.com/2016/07/07/simon-baron-quandrum-co-op-aiming-for-205-million-sellout/

I believe it is a 99 year lease on the site of a former parking garage. It's completely new construction. Monthlies are high, and the developer is paying the first five years of maintenance as a concession.

You can download the offering plan from the NY Attorney General Real Estate Finance Database. Looks like the plan is 398 pages and there have been a number of amendments (consistent with current industry norms). In bold on the very first page, the plan discloses and highlights the following risk:

"On January 31, 2114, when the Ground Lease expires, Shareholders will be required
to surrender possession of the Leasehold Property to Ground Lessor and will not be permitted to remain in occupancy. AS A RESULT, SHAREHOLDERS IN POSSESSION OF THEIR APARTMENTS ON
SUCH DATE WILL LOSE THEIR ENTIRE EQUITY INTEREST IN THE COOPERATIVE
UNLESS A RENEWAL OF THE GROUND LEASE IS NEGOTIATED DESPITE THE FACT
THAT NO RENEW AL OR EXTENSION RIGHT IS CONTAINED IN THE GROUND LEASE."

If it's a 99 year lease, it is still, by definition, a land lease.

Carnegie House was a 99 year lease. Trump Plaza, as I recall, was a (?99 year) land lease. They both had huge messes prior to the 99 year deadline.

Streeteasy should mark this.

Street easy needs to mark this building as a land lease.

It is the not the length but terms of land lease matter - notably escalation, resets of lease payments, and what percentage of assessed market value you have to pay. And are you subsidizing common charges and taxes of some freeloaders in name of inclusive housing.

"And through your cc & maintenance you are directly paying for the implementation of NYCs policies to make housing affordable, rather than this expense being paid by you as part of your taxes."

Fixed it for you, but you may prefer your inflammatory language which blames those being housed, rather than directly attributing the expenses to NYC policy.

Snark aside, maybe this is a marketing point for these buildings: "You can feel like you're doing your part by living in this building as some of your maintenance helps house the less fortunate!" At some point, those who like loudly signaling their virtue will all fight to be in the buildings with the most subsidized units. Just as it will become socially unacceptable to live in an energy inefficient building and drive a gas guzzler, it will be unacceptable to live in a building without a tent or two under the awning.

It's not the 99 year land lease that's the problem -- it's the 5 or 10 or 15 year rent-reset that is

Monthlies are already $9-11k / month for a 3 bedroom. I don't think there is a rent reset although I don't know for sure. I thought the rent escalates a certain % each year but I don't know how these increases are calculated.

According to streeteasy, very few sales. One is to "Weirdo LLC", and a couple of others to trusts. The building is completed and the doorman is already staffing the building. Wonder if they are gonna open it up for rental.

StreetEasy Support here, we appreciate your feedback! After reviewing the offering plan this building has been updated to a Land Lease.