Land Lease

prices are cheaper. If the lease is long there should be much of a problem selling.

Condops are generally land leases. I'll do an extensive blog post later, but the one's you're most likely to hit are Battery Park City (which leases its land from the BPC Authority). . . the Marais in West Chelsea and Carnegie House in Midtown.

ali r.
{downtown broker}

don't forget Tudor City (coop) and The Stanhope (995 Fifth Ave) (condop)

How to find out prior to seeing a building if it is a land lease? Is it available on Acris or Property Shark or Streeteasy?

If the apartments are cheap and the maintenances are high, then the building is likely a land lease.

Is any maintenance deductible in a landlease coop?

Interesting technical point, kylewest.

In BPC you make PILOT (Payments In Lieu Of Taxes) payments to the Authority that I *think* are deductible just as real estate taxes are.

In every other land-lease building I'm familiar with, I wouldn't think so, because the real estate taxes and the underlying mortgage aren't being paid by you. *However,* my computer system says the maintenance in Carnegie House is 20% TD.

ali r.
{downtown broker}