There can be big downsides to buying in a land-lease building, but real-estate agents argue that the higher monthlies are offset by lower sales prices
When buyers peruse agent Domingo Perez Jr.’s listings at 420 East 51st Street in Manhattan, they swoon over the high square footage, and list prices that he said are nearly half those of comparable units in the neighborhood.
The romance sours when shoppers realize the cooperative apartments are in a “land lease” building, which means it was built on separately-owned land. The building itself owes rent to the land’s owner. In New York co-ops, residents’ portion of that...
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