No they are not fee simple ownership. Mitchell Hall nailed it.
But that fact alone does not make them bad investments.

I am just looking into some units in the BPC area. This PILOT thing scares me. Is it true they are 100% tax deductible? When, and how much can they go up every year?

PILOT = Payment in lieu of taxes.

Thanks for the information. What does PILOT mean?

Battery Park City condos are not fee simple ownership.

Condos located in Battery Park City are located on leased land. The Battery Park City Authority is the holder of the tenant's interest in such leasehold interest. "Qualified leasehold condominium" is the form of condominium ownership in Battery Park City.

While the units themselves, together with their common interest, are deemed real property the land on which they stand is owned by the Battery Park City Authority.

More about Battery Park City below: