Home Buying in Tribeca>Question Details

Marilyn Live…, Home Buyer in Battery Park City, New...

Is property in Tribeca freehold or leasehold?

Asked by Marilyn Livesley, Battery Park City, New York, NY Sat Aug 21, 2010

I am an Australian resident interested in purchasing in the Battery Park area, but have been deterred by the leasehold properties and big monthly payments to BPC Authority. Just wondering if the same applies to properties in the Tribeca area.

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Jerry Feeney, Esq.’s answer
The only condominiums that are on a leasehold are in BPC and a few other designated areas by special act of the legislature. Without statutory action, a condominium cannot, by law, be situated on a leasehold. Coops, on the other hand, have no such prohibition. Most of the apartments for sale in Tribeca are condominiums, however, and therefore the leasehold issue is not particularly pertinent.
Web Reference: http://www.jerryfeeney.com
1 vote Thank Flag Link Sun Aug 22, 2010
Hi, Marilyn.
Battery Park City is unique in terms of the land lease. It is because back when they built the World Trade Center, all the dirt and rubble from excavating the site was used as landfill on the west part of the very downtown that is now Battery Park City. The World Trade Center belonged to the Port Authority of NY and NJ. Therefore the landfill, which became the land on which Battery Park City was built, belongs to the Port Authority. So all of Battery Park City is on land lease and that is why the common charges are so high. This does NOT apply to Tribeca. Land lease is rare beyond Battery Park City. There are some Upper West Side buildings that are on landlease, but beyond that there are very, very few buildings in the city for which this applies.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4368
http://jenetlevy.halstead.com
1 vote Thank Flag Link Sat Aug 21, 2010
I am an San Francisco citizen interested in purchasing in the Power supply Playground place, but have been discouraged by the leasehold qualities and big monthly installments to BPC Power. Just thinking if the same relates to qualities in the Tribeca place.

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0 votes Thank Flag Link Mon Sep 3, 2012
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