Carnegie House 100 West 57th Street, NYC, 10019 The co-op apartments in this building are being sold DIRT CHEAP for a good reason: the costs are about to skyrocket. This building is built on leased land, which means the building owners built it on a plot that was rented, not bought. New York New York
Carnegie House 100 West 57th Street, NYC, 10019 The co-op apartments in this building are being sold DIRT CHEAP for a good reason: the costs are about to skyrocket. This building is built on leased land, which means the building owners built it on a plot that was rented, not bought.
The owners of the apartments are paying rent to the original owner of the land underneath. Fortunately, the building had a long lease, so they went for years without an increase. But the lease expires soon, and the rent is likely to rise.
That means a studio with $1500 a month fees could soon have $2500 a month fees. Beware if you consider buying an apartment in this building. People have purchased apartments in this building without being warned that the property was land-lease.