Showing posts from May, 2014

Consider Both Sides In Land-Lease Deals

Question:  I'm currently in the process of buying an apartment in a co-op building that has what's known as a land lease. The lease won't expire until 2058, but I know that my mortgage company needed to know when it expired because they would not give me a loan unless there were at least 10 years left on the lease. What exactly is a land lease, how common is it, and what are the possible detriments to buying an apartment in a building that has a land lease? Emily, New York, N.Y. Emily:  A land-lease property is one in which the land beneath the building is owned by someone else. While such an arrangement can make buying a property a little more complicated and can in some cases reduce the unit's resale value, it's usually not a big problem, and it certainly isn't a reason to dismiss the transaction out of hand. Although land-lease properties are relatively uncommon, they do pop up in some big cities, especially New York. Typically, they occur when a real-e

Priciest 551 West 21st Street pad comes with 61-foot pool

Priciest 551 West 21st Street pad comes with 61-foot pool Renderings of 551 West 21st Street Gold-framed windows, storm-resistant design rounds out plush penthouse The top penthouse at 551 West 21st Street comes with a rooftop pool and a $50 million price tag. The Norman Foster-designed unit, which also boasts 4,000 square feet of outdoor space, is framed  with gold windows, the New York Observer reported. Other high-end accoutrements in the 19-story  building’s penthouse units, which start at $35 million, include double-sided wood-burning fireplaces,  kitchens with Gaggenau barbecue and Teppanyaki grills, cooling and heating drawers, 12-foot  ceilings, oak herringbone floors and free-standing bath tubs. Developer Scott Resnick also decked out the building with a storm-resistant redesign following  Hurricane Sandy. The property’s other 41 units are priced between $5.75 million and $17.5 million, the Observer  reported Apartment Features Features