A ground lease is a long-term lease of land (often 99 years), on which a tenant is permitted to erect structures and make land improvements. During the term of the lease the tenant is responsible for taxes, maintenance, insurance, and other expenses associated with the property. At the end of the lease the land reverts back to the owner. Several condominiums and coops in New York City are subject to ground leases. If you are considering buying a unit in such a building, here are a few factors to consider:
Revaluate is aware of about 100 residential buildings in New York City with a ground lease, and we include this information in our reports.
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