What are land-lease buildings in NYC?

Hello everyone, recently we have represented several buyers in the Battery Park area to purchase units in land-lease buildings.

This type of building is different from the usual condos or co-ops. Land-lease means that the ownership of the land and the building are separate. You can buy the ownership of your unit, but the ownership of the land does not belong to you. Instead, the land is leased to you by someone else. In other words, your unit is built on a piece of land that is leased from someone else.

There are various reasons for this arrangement. As we know, New York is a place where every inch of land is valuable. A large portion of the land is owned by institutions, churches, and other organizations. They often prefer to lease the land rather than sell it outright. This way, the land value increases during the lease term, and they still retain ownership of it.

Based on this, we can see some land-lease buildings in New York City. The developers lease the land from the landowners, usually for several decades — commonly a 99-year lease term. They build a building on it and sell the units to buyers. That’s the basic concept of a land-lease.

The benefit of a land-lease property is that its price is generally lower compared to other properties in the same area. However, when buying, you need to pay attention to certain issues, such as when the current lease expires, whether it can be renewed, and how much the rent might increase if it is renewed. These are all important factors to consider before making a purchase decision.

If you’re also interested in buying a unit in a land-lease building, feel free to reach out to us. Follow Zeng Law Group, PLLC in New York — never be left without a solution. Bye!

大家好，我们最近代表了好几个买家在 Battery Park 购买了 Land-Lease 公寓，也就是土地租赁公寓。

这种公寓的形式和我们平常常见的 condo 或 co-op 有所不同。所谓 Land-Lease，就是土地和房屋的产权是分开的。你可以买到公寓的产权，但土地的产权不属于你，而是由他人租给你。换句话说，你的公寓是建在别人租给你的土地上的。

这种形式的产生原因有多种。众所周知，纽约是寸土寸金的地方，大部分土地归不同的机构、教会等组织所有。他们觉得，与其将土地卖给开发商建房，不如将土地租出去，这样租期内土地会升值，同时土地仍归自己所有。

基于此，纽约市会有一些 Land-Lease 公寓。开发商向土地所有者租赁土地，一般是几十年，常见的是 99 年租期。基于土地租赁，开发商在土地上建楼，再将公寓单元卖给买家。这就是 Land-Lease 的基本模式。

Land-Lease 公寓的好处是，相比同地段的公寓，它的售价会便宜一些。但在购买时需要注意几个问题，比如当前租期什么时候结束，能否续租，如果续租租金涨幅有多大等。这些都是需要提前考虑的因素。

了解了这些情况后，再决定是否购买会更稳妥。

如果你也希望购买 Land-Lease 公寓，不妨和我们聊聊。关注纽约曾晖律师，不再无计可施。拜拜！

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