Jeana Gardner, Home Seller in Mount Vernon, NY

Is it true you dont own the land in throggs neck?

Asked by Jeana Gardner, Mount Vernon, NY Fri Nov 4, 2011

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Only if you buy a Condo or a co-op do you not own the land. otherwise the land is all yours.
0 votes Thank Flag Link Tue Apr 15, 2014
If you aare buying in Edgewater Park or Silver Beach then no you do not....they are co-op communities....If you are buying a single family or multi family home then yes you do ownthe land...
0 votes Thank Flag Link Thu Aug 9, 2012
Keep in mind that the traditional housing co-op involves the formation of a corporation for the purpose of acquiring title to a multi-unit building and, in turn, leasing individual units/apartments to the shareholders of the corporation; therefore co-op ownership represents an interest (i.e. stock) in realty.
0 votes Thank Flag Link Sat Nov 5, 2011
Dear Pica441,

That is correct when you purchase a home there you do not own the land. Edgewater Park is a Coop not a Condo. The development is a Corporation, when you buy a property you are purchasing shares in the Corporation that is allocated to your specific unit. I have a attached an article written by the NY Times on the history on the area and explains how it came to be this type of community.
0 votes Thank Flag Link Sat Nov 5, 2011
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