For agument sake, say an apartment sold for $1M in 1987 what would the annual selling price and % discount look like if projected to 2048? The suit, filed on behalf of the other shareholders, claims that the board, rather than fight for shareholders interests, is playing ball with Werners illicit scheme to overcharge residents. View more property details, sales history and Zestimate data on Zillow. No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided. color: #3a3a3a; 5 in contract sales ($813 per ft avg, $805,200 avg price), 7 Affordable Queens Neighborhoods for Renters, New Prospect Lefferts Gardens Condo Asks $539K, Carnegie House at 100 West 57th Street in Midtown, the only nyc apt with 2021 value increase. One lovely co-op building at 100 W. 57th St. in Midtown, Carnegie House, is on a land lease. My guess is that there will be litigation. Zillow Inc. Sites 2006-2023 ZillowMade in NYCPowered by Bikes, Coffee, and Doughnuts. While land leases can be tricky, savvy buyers can work with knowledgeable real estate brokers to find opportunities that maximize the benefits of a land-lease building. Price decreased by Madan claims that the rent owed to Werner should be linked to the fair market value of the land underneath Carnegie House, according to a renewal provision in the original ground lease. } MLS# R613968. Listing by Brown Harris Stevens (445 Park Avenue 11th Fl, New York, NY 10022), Listing by Leven Real Estate (12 White Street #1, New York, NY 10013), Listing by Compass (90 5th Avenue, New York, NY 10011-7624), Listing by Marc Alloul, LREB (100 West 57th Street #11K, New York, NY 10019-3497), Listing by Corcoran (590 Madison Avenue, New York, NY 10022), Listing by NextStopNY (1033 Second Avenue, New York, NY 10022), Listing by Sotheby's International Realty (650 Madison Avenue, New York, NY 10022). Hi Stacy, you can always view the property tax bill of any real property on the New York Department of Finance website. Call the Real Estate Finance Bureau of the Attorney General's Office display: flex; A lot of them are trades between building residents who are essentially gambling on the outcome when the land lease expires. With the buyout, tenants in the co-op faced a new land assessment, prohibitive for some. In recent years, as the price of land surged to historic levels, some owners of land-lease apartments began biting their nails. Carnegie House at 100 W. 57th St., at the corner of Sixth Avenue, is a 21-story, gray brick structure that resembles many other early 1960s, middle-class Manhattan apartment buildings. Ft. Save Overview Location Property History Schools Similar Homes Listed By Compass View All Map Street View Virtual Tour LIVE IN THE CENTER OF IT ALL!!! Instead, there might be a complicated formula to calculate the new rent, such as a percentage of the appraised land value built into a formula etc. Earlier this year, Mr. Cooper, who became the boards president, realized his objective, helping cobble together $190 million in cash to buy the land underneath the building. (900 Broadway, New York, NY 10003), Listing by Nest Seekers International 100 W 57th St, New York, NY 10019 Units 11 Agent listings 0 Other listings $129,000 Studio | 1 ba | 600 sqft For sale - Unit 6B Listing by: Pergolotti Realty $150,000 1 bd | 1 ba | 575 sqft For sale - Unit 19K Listing by: Compass $175,000 1 bd | 2 ba | 1,025 sqft For sale - Unit 16N Listing by: Pergolotti Realty $219,000 Studio | 1 ba | 450 sqft We have found that many sales to date have been people who are sophisticated in financial real estate and who are comfortable with the terms, said Julia Hodgson, the director of development for the World Wide Group, which is building a land-lease condominium at 252 East 57thStreet with Rose Associates. https://www.hauseit.com/real-estate-lawyer-partners/. Yes a land-lease building does not own the land it sits on. Brokerage services provided by Hauseit LLC and Hauseit Group LLC, licensed real estate brokers licensed to do business in New York and Florida, respectively, under license numbers 10991232340 and CQ1064175. party and subject to change. padding: 0 15px; R Our traditional partner brokers never openly discount which means less disruption and better execution for you. As for Trump Plaza, when Donald Trump built the co-op in 1983, he struck a deal with the landowner in which for 40 years, the building would pay a below-market annual rent of approximately $1.2 million. .su-cta-content { While the purchase moved the building and units into a more stable zone, it came with a high cost. Find properties near 100 W West St. @media screen and (min-width: 992px) { In this case, the developer was able to renegotiate the land lease with the agency (i.e. This makes the apartments less marketable. Address: 100 W 57th St #11R, New York, NY Price: $215,000 Home Size: 900 square feet Bedrooms: 1 Bathrooms: 1 Additional Amenities: Dining alcove can be converted to a 2nd bedroom, in-unit laundry (Image credit: Douglas Elliman) align-items: center; at 7th Av, New York Graduate School of Psychoanalysis, Paley Center For Media (formerly Museum Of Television & Radio). } in Central Park South Learn More. 59 East 72nd Street #1A. $565,000. in Lenox Hill This separation of interests also creates the very scary prospect of a ground lessor selling the land to opportunistic investors looking to capitalize on the rent resets that will occur during periods of rising land values. in Central Park South What if the land value doubles at the next reset date? can you advise how would one get access to the offering plan to research further? But in 2023, the rent would become 8 percent of the value of the land. Printed from StreetEasy.com at 05:27 AM, Mar 4 2023. StreetEasy is a brand and registered trademark of Zillow, Inc. Zillow, Inc. has a real estate brokerage license in multiple states. But as they tick down, problems may arise. Probably not. you wont even have to push an elevator button). The developer pays the ground lessor a fixed rental payment (like any other lease). Phone # is 212-416-8123. in Midtown An expansive walk-in closet has an abundance of storage space and houses a washer/dryer. Rupert Murdoch Is Returning to Hampshire House. In turn, they generally sell at a significant discount to comparable units in buildings unencumbered by ground leases. Disclaimer: School attendance zone boundaries are not guaranteed to be accurate they are provided by a third No one in the building could ever imagine that theywould value the land that high, says resident owner and attorney James David Adelman. The couple put their home on the market in 2014 for just under $5 million, and say they had two potential buyers before they learned of the land rent situation. Price decreased by Sale A few notable land lease buildings in NYC: 303 East 57th Street, The Excelsior, is a ground lease co-op building whose land lease term expires in 2064. But Carnegie House has all the drama. $25,000, Sale 7 Affordable Queens Neighborhoods for Renters, New Prospect Lefferts Gardens Condo Asks $539K, 10 active sales ($248 per ft avg, $338,200 avg price), 4 in contract sales ($251 per ft avg, $254,000 avg price), 400 previous sales ($658 per ft avg, $671,602 avg price), 3 active rentals ($64 per ft avg, $4,590 avg price), 173 previous rentals ($54 per ft avg, $3,760 avg price), the only nyc apt with 2021 value increase. The kitchen has been partially opened and enlarged, featuring custom cabinetry, marble countertops, tiled backsplash and top of the line appliances. Why? Well theres usually an initial period of built-in increases in rent, such as a 3% increase per year that is predictable. For more bullish co-op members, the 2025 reset presents an opportunity: They want to buy the land on which their building sits, aiming to convert their co-op units into more valuable condos. So lets add one more tricky piece to the puzzle: land leases, particularly land-lease buildings. [But] our board has been sitting around for two years, using COVID-19 as an excuse and not making any counter offers and spending money on professional fees. He had a buyer who recently fell in love with an apartment at the Beekman, a land-lease co-op at 575 Park Avenue. The information provided in the Google map can also be found after the school name heading. Everything We Know About Ron DeSantiss Disney Takeover. box-sizing: border-box; The assessments varied, with units on higher floors of the 39-story building paying more. The land is generally leased for around 50 to 100 years. 152 West 58th Street #1A. in Sutton Place Yet even such an old-school cooperative wants to keep up with the times, and if it can lower its electricity bills by 15 percent, so much the better. $10,000. line-height: 18px; This area is served by the New York City Geographic District # 2 attendance zone. At the end of the lease, the equity of all shareholders in the co-op can conceivably be wiped out if the lease is not renewed, as the corporation will no longer own any assets. Theres no anticipating exactly how much the rent will rise when they do, but its likely to be a lot. E 100 W 57th St APT 18L, Manhattan, NY is a condo home that contains 600 sq ft and was built in 1962. The building was built in 1962, is 21 stories tall and has a faade composed of various shades of gray brick. It takes a certain type of residency base to be able to come up with that kind of money! This property was listed for sale on January 13, 2023 by Compass at $150,000. $15,000. She says it is deeply discounted. Nearby homes similar to 801 W 58th Ter have recently sold between $475K to $2,749K at an average of $275 per square foot. Find an Agent Favorites; Notes; Saved Searches. They would rather develop a condo as thats the trend, but cant. The huge, bright living/dining area measures approximately 16x21 with a Murphy bed to accommodate guests. Terms of Use and Privacy Policy. The listing agent for these homes has added a Coming Soon note to alert buyers in advance. Doc rec date Doctype Document amount Party1 name Party2 name Link to doc with redirect; 05/29/2019 - R . will the land ever be purchased by the building? Based on the above, can anyone provide a table of hypothetical values and hypothetical discounts from the original construction to today? Some banks were wary about giving mortgages to help pay the assessment, but the board was able to work out a deal with Wells Fargo, which wrote approximately $50 million worth of mortgages for building shareholders. Learn how your comment data is processed. They relisted the apartment for $6.595 million, raising the price because the building no longer had a land lease. 100 W 57th St is a house located in Manhattan County and the 10019 ZIP Code. 215 East 96th Street is a land lease condop where the land is owned by the Islamic Cultural Center of New York, which operates a mosque next door on the adjacent lot. Between high prices, brokers fees, monthly maintenance costs, property taxes,co-op boards, and building restrictions,buying your dream home in NYCcan be incredibly complex. ft. is it breakeven compared to "no land lease"? They are confident theyll be successful., 2023 NYP Holdings, Inc. All Rights Reserved, Jennifer Rubell, niece of Studio 54 co-founder, buys NYC co-op, Penthouse tied to Chinese exile Guo Wengui cuts price to $32.5M, Journalist Joan Kron lists NYC home of 50 years for $1.79M, Unit in NYC building once graced by Matisse lists for $1.85M. $590,000. For example, for condos youd be able to see the property tax bills of individual units, as well as the owners names. Ground leases are relatively common in New York City commercial real estate. (17 Easthaven Lane, White Plains, NY 10605). But after their son had twins, they decided to downsize in New York and buy a home closer to their grandchildren in Connecticut. StreetEasy is a brand and registered trademark of Zillow, Inc. Zillow, Inc. has a real estate brokerage license in multiple states. Carnegie House 100 West 57th Street New York, NY 10019 Co-op in Midtown 324 Units 21 Stories 1962 Built Sales listings: 9 active, 2 in contract and 399 previous Rentals listings: 2 active and 171 previous Documents and Permits: 444 documents more about the building Price History Want to analyze this property with our Comps Report Generator? 100 West 57th Street, Unit 19K Carnegie House Theater District, Manhattan, NY 10019 $150,000 Price 1 Beds 1 Bath Sq. (11.4%) Ive sold apartments in that building to people with over $100 million in assets. DiOrio closed on two units there during the pandemic, both to owners who could afford to take the long-term bet. Want to analyze this property with our Comps Report Generator? But every set of factors and circumstances should be examined on a case-by-case basis before. It is located in the Axtell Park neighborhood of Sioux Falls. 5105 Valiant Dr is a 1200 square foot property with 2 bedrooms and 1 bathrooms. 442-H New York Standard Operating Procedures. text-decoration: none; party and subject to change. But the co-op board was remarkably successful. If the city goes into a tailspin, then the rent goes down, but if the values stay as high as they are now, it could go up.. Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier! Which brings to mind a variation on the old joke: How do you get to Carnegie House? Cats and dogs are allowed, making it a pet-friendly building. Condo for rent at 446 E 76th St. The co-op lent them the money at 5 percent interest until they could sell their units and use the proceeds to pay off their share. Your email address will not be published. Homes for rent in Phoenix, AZ from a private owner 501 N 41ST Street, Phoenix AZ 85008 - 3/2 1- sqft 85008, Phoenix, Maricopa County, AZ DO NOT send money to anyone claiming to be the owner. Pied-a-terres, parents buying for children, gifting and pets are allowed. $350,000. Thats because they have to cover the ground rent. Got elected? text-align: center; How much do people think monthly maintenance will go up to, and when, when the lease is re-negotiated? Do Not Sell or Share My Personal Information. 217 York St, Des Moines, IA 50316. 457 West 57th Street #714. $21,000. in Hell's Kitchen The units at 205 East 63rd Street come to an average price of $648 per square foot, in sharp contrast to the Lenox Hill average of $959 per square foot (per CityRealty data ). It was better to bite the bullet and pay it now, or not do it at all, Mr. Cooper said. When their land leases expire, these co-ops will be dissolved and the apartments will once again become rent regulated, with the landowner becoming the landlord, Mr. Saft said. 4285 Mallard Ct, Middletown, OH, 45044. . Pergolotti Realty LLC, Limited Liability Broker, 100 West 57th St, New York NY 10019. 1302 Key Highway Baltimore, MD 21230 Prev Next Property Details MacKenzie Retail, LLC is pleased to present the opportunity to ground lease this. at 7th Av, New York Graduate School of Psychoanalysis, Paley Center For Media (formerly Museum Of Television & Radio). R.E.M.s Mike Mills lists LA home with Hollywood sign vi J. After the sale closes, with the additional taxes and other fees, they expect to walk away about $2 million poorer. 2 Fifth Avenue is an interesting case where the coop bought the land from the Rudin family in 2005, paying $29.25mm for the land. Who knows, though some residents seem to be purchasing their neighbors units as a bet on winning some concession. Accessible to all major transportation. 100 W 57th St #12L was last sold on Dec 28, 2016 for $380,000. Carnegie House has a 24-hour doorman, concierge, bike room, and storage. With prices rising, particularly along 57th Street, where a dozen luxury towers are underway, shareholders are growing anxious that the land rent could rise precipitously. Lastly, you really only have to watch out for land lease buildings in Battery Park City (BPC), Roosevelt Island and a handful on the UES in my experience. $300,000. It has a Juliet balcony and a library with a rolling staircase. N For co-op board president Bennett Lincoff, convincing the other board members it was a good idea was easier than screwing in a light bulb. Could be a recipe for job growth, could be the next Atlantic City dead zone. The co-op, at 167 East 61st Street, was on a land lease, which meant the building did not own the land on which it stood, and paid rent to a landowner. AVENUE OF THE AMERICAS and 6 1/2 AVENUE. hi mssn, thanks, that's very helpful. On the flip side, you get tremendous value for the money.. Some, like Adelman and his partner, are now explicitly hoping for this outcome. Thats why you only see land lease condo buildings in for example Battery Park City, because a NY government agency owns the land. In a recent instance, co-op memberscobbled together $185 millionto buy the ground beneath the building from its owner.