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considering ground lease co-ops

CONSIDERING GROUND LEASE CO-OPS

CONSIDERING GROUND LEASE CO-OPS

Recently I was hired by the executors of an estate to sell an apartment in a ground lease building on the Upper East Side.  We’ve cleaned and staged the property, but as of this writing, we’ve chosen to wait before putting the unit on the market because there is too much uncertainty surrounding the renewal of the lease which expires June 30, 2010.  I’ve been in this business since 1980, have sold in several landlease buildings in the past, but I’ve never heard of an instance where the co-op board and landlord waited until the 11th hour before coming to terms on a leasehold extension.