rbd108, Both Buyer and Seller in Brooklyn, NY

Can offering my building on a 99 year Ground Lease gain me more Bank Financing then a sale of the property?

Asked by rbd108, Brooklyn, NY Tue Dec 10, 2013

I have a development property with 150 buildable square feet I can sell at current market rates of between $150 and $200 per buildable square foot. Someone claims I could keep ownership and gain the same amount as a sale would provide through Bank financing. Please let me know which is best. Thank You.

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Answers

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The short answer is a ground lease will restrict any developers prospects of getting financing. It will also restrict what could be developed: IE you cannot develop condos on a ground lease.
Please feel free to call me with more specifics if you wish.
All the best,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
KLilly@RealtyontheGreene.com
0 votes Thank Flag Link Tue Dec 10, 2013
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