Home Buying in Midtown East>Question Details

Neelam, Home Buyer in New York, NY

Why is the land lease building have such high monthly expenses ?

Asked by Neelam, New York, NY Thu May 2, 2013

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Answers

3
A land lease means that a residential building in Manhattan leases the land the building is sitting on, and eventually (like all leases) the building will have to renegotiate that lease. This means the price will go up and everyone’s common charges in the building will increase by the appropriate amount.

Hope that gives you a better understanding.

Best,


Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor New York, NY 10065
rellis@halstead.com
1 vote Thank Flag Link Thu May 2, 2013
Keep in mind monthly fees include land lease payments in addition to the other expenses....
0 votes Thank Flag Link Thu May 2, 2013
Because some of the money you pay goes to paying the land lease. Really simple.
0 votes Thank Flag Link Thu May 2, 2013
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