Land Leasing??
Not sure if this would be the right place to post this. There is a great property in manhattan that is built on leased land from the city. Does this have any big negatives when deciding to purchase the property?? Besides the monthly land charge. Thanks for any help! 
This was done to help finance the building project. This offered great leverage for the builder. I worked on several apartment deals in Houston where the land was leased tweny years before. Of course it is far better to own the land as it has the best appreciation. If the income goes up on the building so will the value most of the time. With rates and inflation low the values are not rising as fast.
I would want a long term lease if I were doing a land lease deal. 99 years was the norm. Would hate to have a few yeras to go on a lease and no renewal available. The building would become the land owners at the end of the lease and become worthless of course.
Good LUCK and Thank You
Hope this helps some
Ted Jr
Are you talking about former WTC land or one of the near by lots that a certain company called Properties Unlimited Inc is marketing out of Union City, NJ?
BTW, great explanation Tedjr. ( Go> TX) I would even ask for more then 99 years lease with no escalation. I learned form NancyChadwick, it never hurts to ask. She quoted Ghandi but that's OK. it was still her sentance on TCI.
The New York port authority owns a lot of prime real estate in manhattan which it leases out for 99 years. No it does not have any negatives when deciding to build. How many people our age will be alive in 99 years,other than Lucius(Lufos).
I heard someone call him "immortales". is that true Michael? That's sound like Castro in Cuba (LOL).
I once did a project in Indianpolis, The downtown department store was on land with a 99 year lease. The lease amount may have been great when it was initialed- but 50 years later, it''s current revenue was less than the rent on an open parking lot. You need to get a good real estate attorney to do the lease.
In NYC, Rockefeller Center is on leased land.
It is right near the WTC by battery park. How can I find out how long the land lease is? I'm not looking to build I'm just looking to buy an apartment on leased land. Too bad the additional amount that has to be paid for the land lease is so high.
Quote:
On 2004-03-08 10:36, DealerJo wrote:
Are you talking about former WTC land or one of the near by lots that a certain company called Properties Unlimited Inc is marketing out of Union City, NJ?
BTW, great explanation Tedjr. ( Go> TX) I would even ask for more then 99 years lease with no escalation. I learned form NancyChadwick, it never hurts to ask. She quoted Ghandi but that's OK. it was still her sentance on TCI.
Yes sir, near by WTC. I knew it ... hence, ask the seller the question you just asked her. Supposedly, they should be your best source.
Good luck!
Yes sir, near by WTC. I knew it ... hence, ask the seller the question you just asked her. Supposedly, they should be your best source.
BTW, right now, i would rather buy the stock then the RE in New York. Stack can go up, RE ... who knows. It's preaty tough call.
Good luck!
Quote:
On 2004-03-08 22:58, DealerJo wrote:
Yes sir, near by WTC. I knew it ... hence, ask the seller the question you just asked her. Supposedly, they should be your best source.
BTW, right now, i would rather buy the stock then the RE in New York. Stack can go up, RE ... who knows. It's preaty tough call.
Good luck!
Thanks for all the advice! I guess with everything in life you have to take risks hopefully it'll pay off in the future
Any ideas on how to structure a deal to but the land, from the land lease?