Showing posts with label condops. Show all posts
Showing posts with label condops. Show all posts

Nov 9, 2014

What is a Land Lease Building?

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A building that has a land lease ("ground lease") does not own the land the building was built on. Building residents pay rent for the ground on which it stands instead of owning it outright as most co-ops and condos do.

There are approximately 100 ground lease co-ops in the city. Condos are not allowed on land leases by state law, except in Battery Park City, Roosevelt Island, and Brooklyn Bridge Park, which are specifically allowed in the condo law. The land in these locations is owned by quasi state/city agencies such as The Battery Park City Authority or the Roosevelt Island Operating Corporation.
Battery Park City


Battery Park City is unique because it is on a portion of land created by land reclamation from the Hudson River. Battery Park is owned and managed by the The Battery Park City Authority.  Parcels of land are leased to developers who build in accordance with the Authority's guidelines and mandates. BPC is the largest "green" neighborhood in the world.


Instead of paying real estate taxes, condo owners in Battery Park City pay "PILOT" payment in lieu of taxes. The common charges and "PILOT" varies from building to building depending when the building was built and the time frame of the land lease. 

Most buildings in NYC with land leases are coops or condops. A condop is a residential building or portion that includes cooperative and condominium ownership structure. The condominium has a residential cooperative unit separate from the commercial units. Coops unlike condos usually have underlying mortgages.



One Carnegie Hill
Shareholders in coop's with land leases are not only paying the underlying mortgage on the building, they're also paying rent for the land. Typically adding 20 percent or more to the maintenance. 

Apartments in land lease buildings sell at discounts compared to non land-lease comparable coops because of the higher maintenance usually associated with land-lease buildings. How much an apartment costs to live in monthly determines it's affordability not it's sale price.


While shareholders of all coops have less control over their homes than owners of real property such as condos and townhouses coop shareholders in land leased buildings have less control over their building's destiny. The owner of the land the building is on has more control.



Where there is risk, there may also be opportunity. It is important to have a real estate attorney with land lease experience conduct due diligence when considering purchasing a unit in a land leased building. There are many variables and degrees of risk, pros and cons. The land lease may be for 100+ years. There may be an option for the coop to buy the land outright. There may be clauses with automatic renewals with specified amounts of rent increase. There may be tax benefits. 

The ground below Trump Plaza, a coop at 167 E. 61st St., is currently up for sale. The co-op board has offered to buy the property. The residents would be hit with assessments that would be more than $1 million for some shareholders. Two Fifth Avenue a coop in Greenwich Village, opted out of it's ground lease in 2005 by buying  the land directly from the sponsor developer, Rudin Management when the board’s 20 year ground lease was about to expire. 


The Cathedral of St John the Divine in Morningside Heights is building apartments on its Upper West Side property. The church signed an agreement with Brodsky Organization, to lease the parcel. Brodsky will pay rent for the land.



Chelsea Enclave
Another example, The Chelsea Enclave originally entered into a 99-year lease with the General Theological Seminary causing the units to be condops instead condominiums but the Seminary in Chelsea agreed to sell three of its buildings and some land to developer, The Brodsky Organization for $47.5 Million.  

Carnegie House at 100 W. 57th St., 995 Fifth Avenue, The Marais at 520 West 23rd Street, The Azure at 333 E 91st St,  Excelsior at 303 East 57th,, The Sovereign at 420 East 59th Street, One Carnegie Hill at 215 East 95th Street, 101 West 23rd Street and 88 Morninside Avenue are some coop and condop buildings in Manhattan with land leases. 




Jun 26, 2014

Summer in the City | UWS Buildings with Pools

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Manhattan Condos with Pools

Upper West Side Apartment Buildings with Pools

It's Summer in the CityAccording to a recent Corcoran Consumer report 37%, the largest margin said a building with a pool is a top priority amenity for them.

If a pool is a priority for you, and you want to live on the Upper West Side, whether buying or renting, the following buildings have swimming pools.


Built 2011




The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River including a 75' Swimming Pool and Hot Tub.








Built 2010

the Rushmore Pool


The Rushmore
LaPalestra Well Center

75' swimming pool





The four Trump Place condominium buildings have health clubs with pools.
120, 200, 220, 240 Riverside Boulebard
Built 200 -2004
Trump Place












The Alexandria - 200 West 72nd Street at Broadway -
Full Service Condo - Health Club, Pool, Hot Tub
Built 1991
The Alexandria -201 West 72nd POOL


The Alexandria -201 West 72nd POOL
















The Bromley
225 West 83rd Full service condo built 1988
health club with pool
The Bromley _ Upper West Side
The Bromley Pool
















The Boulevard 2373 Broaway
at 2373 Broadway, - Built 1989
The Boulevard is a full service luxury Condop.

Two level Health club with 75' Boulevard Pool





The New West
250 West 90th Street at Broadway - Built 1986
Full Service condo with rooftop pool
Full service condo, 21 floors, 185 apartments, rooftop pool and health club
The New west 250 W 90th at Broadway

New West















535 West End Avenue
at 86th Street
Full Service Luxury Condo Built in 2010
535 West End Avenue

535 West End Avenue POOL
















The Columbia
275 West 96th Street at Broadway - Built 1983
Full service condo, 35 floors, 302 apartments, garage, health club pool.
The Columbia - 275 west 96th Street at Broadway POOL
The Columbia - 275 West 96th Street at Broadway

















The Ariel (East and West)
Broadway at West 99th Street - Built 2006
The Ariel East and West, Broadway at 99th St.
Ariel Condos East & West POOL






The Ariel West and the Ariel East. Ariel East - Fitness center, pool



updated original post October 2011

courtesy of:
Mitchell Hall, Associate Broker
The Corcoran Group
P (347 921-4255

Oct 3, 2011

Manhattan Condos with Pools on Upper West Side

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While there are many apartment buildings on the Upper West Side most are pre-war coops. There are fewer condos and even fewer condops and only a select few condos and condops have swimming pools. Many new large construction developments are including pools, so there are more pools in luxury condos and condops than ever before.

According to a recent Corcoran.com Consumer survey 37%, the largest margin said a building with a pool is a top priority amenity for them.


Built 2011




The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River including a 75' Swimming Pool and Hot Tub.

Apartment 2102 is currently for sale asking $16.900,000 (updated 12/15/2012)

Features 13 rooms, 7 bedrooms, 9.5 baths and your own private pool, 15 x 37, plus spa tub on the sun-drenched terrace of 3,800 square feet.






Built 2010

the Rushmore Pool


The Rushmore
LaPalestra Well Center

75' swimming pool





The four Trump Place condominium buildings have health clubs with pools.
120, 200, 220, 240 Riverside Boulebard
Built 200 -2004
Trump Place













The Alexandria - 200 West 72nd Street at Broadway -
Full Service Condo - Health Club, Pool, Hot Tub
Built 1991
The Alexandria -201 West 72nd POOL


The Alexandria -201 West 72nd POOL

















The Bromley
225 West 83rd Full service condo built 1988
health club with pool
The Bromley _ Upper West Side
The Bromley Pool
















The Boulevard 2373 Broaway
at 2373 Broadway, - Built 1989
The Boulevard is a full service luxury Condop.

Two level Health club with 75' Boulevard Pool





The New West
250 West 90th Street at Broadway - Built 1986
Full Service condo with rooftop pool
Full service condo, 21 floors, 185 apartments, rooftop pool and health club
The New west 250 W 90th at Broadway

New West















535 West End Avenue
at 86th Street
Full Service Luxury Condo Built in 2010
535 West End Avenue

535 West End Avenue POOL
















The Columbia
275 West 96th Street at Broadway - Built 1983
Full service condo, 35 floors, 302 apartments, garage, health club pool.
The Columbia - 275 west 96th Street at Broadway POOL
The Columbia - 275 West 96th Street at Broadway

















The Ariel (East and West)
Broadway at West 99th Street - Built 2006
The Ariel East and West, Broadway at 99th St.
Ariel Condos East & West POOL






The Ariel West and the Ariel East. Ariel East - Fitness center, pool



courtesy of:
Mitchell Hall, Associate Broker
The Corcoran Group
P (347 921-4255

 
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