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

Help the community by answering this question:

Answers

4
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
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer