Condos located in Battery Park City are located on leased land. The Battery Park City Authority is the holder of the tenant's interest in such leasehold interest. "Qualified leasehold condominium" is the form of condominium ownership in Battery Park City.
While the units themselves, together with their common interest, are deemed real property the land on which they stand is owned by the Battery Park City Authority.
More about Battery Park City below:
If a $1 million condo in Battery Park has $20,000 in annual monthlies and a $1M condo in the Financial District has $10,000 in annual monthlies. You can capitalize the difference (let's say at a 5% cap rate). You would take the difference of $10,000 and divide it by 5%, giving you a real $200,000 price difference in today's dollars. So the $1M condo in Battery Park would "really" cost $1.2M when comparing apples with apples.
L.G. Fairmont Group