October 15, 2014
Habitat recently covered the issue of ground-lease co-ops and condos from a big-picture, concept-and-instructional perspective. But the big picture ain't the only picture, and BrickUnderground.com does a nice job with this detailed, side-by-side comparison of two co-ops in Manhattan's Turtle Bay neighborhood: one a ground-lease (a.k.a. land-lease) co-op and the other not. So check out the $349,000 ground-lease one-bedroom at 420 East 51st Street, with a $3,238 monthly maintenance, and a comparable regular co-op at 400 East 52nd Street, asking $725,000 and with a $1,732 maintenance. Ah, but those numbers alone don't tell the story. The devil is in the details — as is, possibly, a devilishly good deal.
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.