Phone # is 212-416-8123. David Werner, a Borough Park investor who has wowed New York City with a series of big buys this year, partnered with Rubin Schron and the Cohen family to pay $285 million for the land under 100 West 57th Street, sources told The Real Deal. With the clock ticking down on the ground lease expiration, apartment owners wasted no time to start bailing out right after the board sent shareholders a doomsday letter on June 14, 2019, and followed it up on June 19 of that year at a meeting that spelled out Werners terms. According to the terms of its lease, every 10 years the rent resets to 6 percent of the value of the land. They are confident theyll be successful., They said they held the most productive in-person meeting to date with Werner on June 15, and the landowner has since indicated a willingness to sell at improved pricing.. 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. Any thoughts on those? Its a coop with liberal subletting rule (i.e. But the meeting ended in fireworks with angry exchanges between lawyer DAngelo and board members. Want to analyze this property with our Comps Report Generator? Are you on your co-op/condo board? No one in the building could ever imagine that theywould value the land that high, says resident owner and attorney James David Adelman. Sale Submit your questions and comments here! Ft. 160 Central Park S #709, New York, NY 10019. Search 1,345 Rental Properties in Kansas City, Missouri. 312 West 49th Street #1RE. With a little luck, you could be one of the elite several million. One lovely co-op building at 100 W. 57th St. in Midtown, Carnegie House, is on a land lease. Finding someone who fits this exact profile, though, can be challenging and some shareholders fear they wont be able to offload their apartments in time for the reset. But it will.. By submitting your email, you agree to our Terms and Privacy Policy and to receive email correspondence from us. in Midtown There are possibly 4,000 square feet remaining. $450,000. Because NYC doesnt like selling land, they did a long term land lease with a developer. Remember that you can use ACRIS, and if not then your title company, to find out who the true landowner is! (100 West 57th Street, New York, NY 10019), Listing by Republic Realty 2 Beds. Ive had people come to me and say, Sell my apartment tomorrow, says DiOrio. The building was built in 1962, is 21 stories tall and has a faade composed of various shades of gray brick. ft. is it breakeven compared to "no land lease"? This unpredictability is not optimal. No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided. (Sun City, AZ) $1,500 3br - (central/south phx) pic hide this posting restore restore this posting. Sale Zillow Inc. Sites 2006-2023 ZillowMade in NYCPowered by Bikes, Coffee, and Doughnuts. Sales history, mortgages, liens, and pre-foreclosures for 100 West 57th Street, New York. Nearby homes similar to 801 W 58th Ter have recently sold between $475K to $2,749K at an average of $275 per square foot. The land is generally leased for around 50 to 100 years. A must for board directors, property managers, professionals and vendors! This beautifully renovated one bedroom, 2 bathroom apartment is a combination unit with oversized rooms is priced for a cash buyer. $465,000. We had multiple conversations, but the owners were never interested in selling, Mr. Cooper said. As a result, shareholders live in a perpetual state of fear that they will be uprooted from their homes, the suit claims. 152 West 58th Street #1A. Required fields are marked *. The boards lawyer, Laurence S. Tauber of Cohen Tauber Spievack & Wagner, told The Post: The board believes the allegations [in the suit] are baseless and without foundation and it will vigorously defend them. The building was first built in 1962 and is 61 years old. color: #3a3a3a; Another studio rescues an endangered venue. 2038 or 2028 are the next change dates for rent step-ups. On the one hand, land-lease buildings have much lower entry points for purchase. But the glitch in the only-in-New York scenario is that owners in the 324-unit building must pay a combined $280 million to buy the land under the structure, or face an additional $26 million a year in ground rent on top of the current $4.4 million a year. Land lease buildings in NYC built on privately owned land can present a major challenge in valuation and marketability, especially if a lease is close to expiring. Board president Richard Hirsch declined to comment. Q StreetEasy is a brand and registered trademark of Zillow, Inc. Zillow, Inc. has a real estate brokerage license in multiple states. $25,000, Sale .su-cta-content, Terms of Service apply. Pied-a-Terres, subletting and pets, permitted. Their unique characteristic is that they sit on land that belongs to a landowner not the building. Required fields are marked *. Who knows, though some residents seem to be purchasing their neighbors units as a bet on winning some concession. $350,000. $249,000. I thought we would just buy the land lease and be done with it, he said. A newly filed lawsuit claims that the co-op board agreed to the detriment of shareholders. at 5th Av, B See a list of these real estate licenses. 801 Key Highway #354, Baltimore, MD 21230 (MLS# MDBA2062012) is a Condo property with 2 bedrooms, 2 full bathrooms and 1 partial bathroom. The building, which is filled with a mix of younger families and older residents who have lived there for decades, finds itself in an unpredictable situation. City Council One Step Closer to Really, Finally Making Streeteries Permanent. Up to 90% of residents, some of whom have lived there for 50 years, stand to lose their homes.. It would not have been logical. And the kicker? 100 W 57th St #12L, New York, NY 10019 is a 1 bedroom, 1 bathroom, 600 sqft coop built in 1962. E .su-cta-content > :first-child { At least according to former owner and Pokmon magnate Al Kahn. I couldnt sleep for months. (According to several brokers we spoke to, tenants are supposed to be made aware of the land lease before moving in.) For added security & privacy, the entire lot is fenced in. 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? Could be a recipe for job growth, could be the next Atlantic City dead zone. Listing by Douglas Elliman See a list of these real estate licenses. Thats because they have to cover the ground rent. So: cash. 315 West 55th Street #1D. flex: 0 0 27%; Still others could neither pay the assessment nor obtain a mortgage. Theres also an additional option: the apartment owners can try to buy the land for themselves. $15,000. . What's with ground leases so much in the news lately? In New York, many land-lease co-ops date to the late 1960s and early 1970s, when the market was strong and there was a housing shortage. Nearby schools include P.S. Its very likely that all BPC condo building land leases will get extended before 2039, otherwise banks wont be able to finance and extend a standard 30 year mortgage. Leasehold condos are simply not allowed under NY law. It contains 0 bedroom and 1 bathroom. in Lenox Hill Of course, uncertainty has taken on a whole new meaning in 2020, and how things will look in 2025 is unknown. Based on the above, can anyone provide a table of hypothetical values and hypothetical discounts from the original construction to today? 442-H New York Standard Operating Procedures. The official lot area is listed as 25,125 square feet. padding: 35px 20px; The Excelsior, a land-lease co-op at 303 East 57th Street, is facing a potential rent increase. This is great information. D The Carnegie House at 100 West 57th Street is very large cooperative apartment building of 324 units occupying the entire western block front from 56th to 57th Street, and an entrance to its spacious lobby on the Avenue of the Americas. From your comment it seems like there is not, and there is real risk that the landlord takes the building back. $5,000, Sale One Morningside Park, 321 West 110th Street, PH1, Manhattan, One Brooklyn Bridge Park, 360 Furman Street, #205, just sold to a group of investors for $285MM, the land underneath the Trump Plaza co-op on East 61st Street is currently on the market. Appraisals could definitely change from today to five years from now, says Fishman. Homes similar to 100 W 57th St Unit 19-K are listed between $725K to $63M at an average of $3,400 per square foot. at 120 Broadway. 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 59 East 72nd Street #1A. A one-bedroom would have had a monthly maintenance of $13,000. Sale It was a struggle even back then, because of the damn ground-lease shit.. But every set of factors and circumstances should be examined on a case-by-case basis before. There are many co-ops on ground leases and it is rare that shareholders get a chance to buy the land. But the purchase automatically valued the land at $270 million, Werner said, claiming the rent should be based on that much higher price. Banks are a little bit wary of land-lease buildings, said Ace Watanasuparp, the regional manager for Citizens Bank. A lot of them are trades between building residents who are essentially gambling on the outcome when the land lease expires. in Lenox Hill They are mainly in Manhattan, with a high concentration in Lincoln Square and Battery Park City. .su-cta-action a:hover { text-align: center; Contact DriveTime at (941) 226-8838 ext: 0053 for more information. This property was listed for sale on January 13, 2023 by Compass at $150,000. Still, the lure of (seemingly) undermarket Manhattan apartments is hard to resist. In Bushwick, there are a total of 1 LEED certified office buildings. 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. As a result they style it as a condop, i.e. (100 West 57th Street, New York, NY 10019), Listing by Compass $295,000. The building is so wonderful in every way the staff is amazing, the community is great, its really one of the best places Ive ever lived in New York, but [Werner and Schron] have thrown the building into a chaotic state, and theyve added uncertainty. Investors dont like that, and that has depressed prices by a lot. A Friday afternoon in line at New York Citys first legal recreational-weed dispensary. party and subject to change. Usually there will be a lower limit on how low it can go, but often there wont be an upper limit on how high it can reset. font-size: 14px; Very competitive pricing for the location and unit sizes. 781 Fifth Avenue #1516. So a bank may be unlikely to provide a 30-year mortgage for a unit whose land lease expires in 20 years. 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.. House for Rent $875 2 Beds 2 Baths 5319 N 30th St , Omaha, NE 68111 - 30 Metropolitan Place House for Rent $1,800 2 Beds 2 Baths 19617 Marinda St , Omaha, NE 68130 Elkhorn Ranch Townhome - This ranch townhome has an open floor plan with beautiful wood cabinets and stainless appliances. Chanel Beauty is opening on North 6th, down the street from Bottega and Herms pop-ups. This has not happened yet, to my knowledge, Mr. Corcoran said. Now, were basically attempting to untangle ourselves from a situation we didnt choose to be in..