Written by Frank Lovece on September 04, 2014
What do you do when your building doesn't own the land on which it sits?
Yes, that's a thing — it's called a "ground lease," a real estate instrument in which a cooperative or a condominium corporation owns the building but only leases the land. Usually it's for long periods of up to 99 years, after which, theoretically, the landowner can tell the board to move the building elsewhere. And in the meantime, your monthly payments include ground rent.
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Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.