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who owns the land the cooperative is built on? I assumed that the cooperative did , but i have heard from board members that this is not the case. If the land is not owned by the shareholders/coop is this universal and if it is an outlier, where in the proprietary lease would it detail the non-ownership of land.
I would think the financial statements and proprietary lease would have to disclose that information. If there is a land lease, wouldn't that be an annual expense? At the end of the term of the lease, I would there would be some options stated, such as an option to extend, purchase the land, etc.
On a related note, the coops that I've seen issue a proprietary lease, usually for 99 years. Since many were formed in the 70's and 80's, we haven't seen what happens yet as those dates approach.
There are a *lot* of articles available online about the pros and cons of owning an apartment in a ground lease building. Some pro, mostly con. I put "NYC co-op ground lease" into Google and it returned pages and pages.
You might be able to use the Dept of Buildings websiet to determine if your building has a ground lease. Go to this URL: http://www1.nyc.gov/site/buildings/index.page and enter your building number and street. It returns a lot of information.
Good luck.
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Some coops lease, rather than own, the land beneath their building. In NYC, there are several dozen "land-lease" coops (also sometimes called "ground-lease" coops). The leases are for very long terms (i.e., 99 years or more), but they can pose special issues for the coop and its shareholders from time to time. If you want to email me your address offline, I can probably tell you if your coop leases the land. bdockwell@morrisoncohen.com
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