I am an expert in the Battery Park City area.
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.
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