That really depends on each condo and each management company. Please read the offering plan for each condo.
Like many other properties in Battery Park City, the condos in Battery Park City don't own the land underneath the buildings. In this case, the buildings lease the land from the Battery Park City Authority, a public agency that was formed in the 1960s to develop the then-nascent neighborhood.
The land-rent fees get rolled into the monthly condo fees that owners pay. In Battery Park City, the current amount paid toward ground rents range from about $30 dollars a month to several hundred dollars per condo unit, depending on the building.
What sets the Battery Park City condos apart from other properties is how the ground rents were scheduled to rise over time. Most buildings with ground leases have long-term agreements spanning around 100 years with predicable price rises.
DOM PASCUAL, J.D., ESQ.
ASSOCIATE REAL ESTATE BROKER
"Your Experts in NYC Luxury Apartments & Lofts"
304 Park Avenue South
New York, NY 10010
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** All information contained herein does not constitute any warranties, offer or commitment or obligation of any sort and/or kind whatsoever and is subject to change, error, omission and/or withdrawal without prior notice. **
The only difference in BPC is that instead of real estate tax condo owners in BPC pay PILOT (payment in lieu of taxes) but increase in PILOT is still determined by the city/state Battery Park Authority. Maintenance or common charges in a condo in BPC can be raised when a land lease expires or is renewed.
The link below will give you more information about BPC.