Find properties near 100 W West St. ! In fact, some Battery Park City buildings have already gone through a rent change date. Another land lease, 100 W 57th Street (Carnegie House) is an interesting one. E Get the best of StreetEasy in our once weekly email. The 324-unit Carnegie House cooperative building is the ground tenant on the property. Sale Homes for rent in Phoenix, AZ from a private owner 501 N 41ST Street, Phoenix AZ 85008 - 3/2 1- sqft 85008, Phoenix, Maricopa County, AZ DO NOT send money to anyone claiming to be the owner. But the co-op board was remarkably successful. } Disclosure: Hauseit and its affiliates do not provide tax, legal, financial or accounting advice. There is a monthly assessment through 2/28/23 in the amount of $426.88. Address: 100 W 57th St #11R, New York, NY Price: $215,000 Home Size: 900 square feet Bedrooms: 1 Bathrooms: 1 Additional Amenities: Dining alcove can be converted to a 2nd bedroom, in-unit laundry (Image credit: Douglas Elliman) 100 W 57th St #2CD, New York, NY 10019 For sale Zestimate : $1,040,860 Est. Which in a co-op building, of course, means the share-holding residents, who pay ground rent in addition to their typical monthly maintenance fees, real-estate tax, and any operational costs. Call the Real Estate Finance Bureau of the Attorney General's Office Indeed, there appears to be over 20 listings for sale in the building as of this writing, many of which are being offered for well under 1,000 price per square foot. The information provided in the Google map can also be found after the school name heading. Corcoran Group, Limited Liability Broker, 590 Madison Ave, New York NY 10022. A newly filed lawsuit claims that the co-op board agreed to the detriment of shareholders. Privacy Policy and Printed from StreetEasy.com at 05:27 AM, Mar 4 2023, Listing by Pergolotti Realty Obviously the lease payments will adjust over the life of a long land lease, but will they adjust periodically based on CPI (i.e. The boards lawyer, Laurence S. Tauber of Cohen Tauber Spievack & Wagner, told The Post: The board believes the allegations [in the suit] are baseless and without foundation and it will vigorously defend them. When you look at an apartment thats been on the market for 48 weeks, and is a great apartment at a good price, you need to understand that if you buy it and then look to sell, you will face the same set of circumstances. There is a supermarket across the street in addition to an abundance of services, restaurants, health clubs, museums and shopping in the area. He had a buyer who recently fell in love with an apartment at the Beekman, a land-lease co-op at 575 Park Avenue. margin-top: 0; the only nyc apt with 2020 value increase, 442-H New York Standard Operating Procedures. Carnegie House is a coop located 100 West 57th Street, in Theater District, New York. Similar nearby buildings include. The building is so wonderful in every way the staff is amazing, the community is great, its really one of the best places Ive ever lived in New York, but [Werner and Schron] have thrown the building into a chaotic state, and theyve added uncertainty. Investors dont like that, and that has depressed prices by a lot. Sales & Property History for 100 West 57th Street, New York. If its a land-lease co-op, my guess is if you look up the street address (without unit numbers since they own all of it) youll see the land owners name and mailing address. 1302 Key Highway Baltimore, MD 21230 Prev Next Property Details MacKenzie Retail, LLC is pleased to present the opportunity to ground lease this. these boundaries. Most of the buyers, according to agents, are people who are wealthy enough to afford the monthly hit no matter what happens to the land. border-color: #b8b6b8; Youll be able to find the original deed. The purchaser should be clear on the financing, duration, and structure of the land lease before purchasing or not purchasing a land lease apartment in NYC. Carnegie House--what price psf is a good deal? 442-H New York Standard Operating Procedures. To pay these support loans, the co-op board borrowed the money with plans to repay it within the next 12 to 18 months, as the apartments are sold, Mr. Janangelo said. These buildings tend to have high monthly carrying charges because of the rental payments for the land. in Sutton Place Sign up for email newsletters, alerts, and digital e-news to stay informed about what's happening in the co-op/condo community. The rent reset date is in 10 yrs for this building. $299,000. (90 5th Avenue, New York, NY 10011-7624), Listing by Republic Realty margin-bottom: 0; The expiration and renewal are expected in about 10 years, contributing to some difficulty assessing the accurate market value for units in the building. .su-cta { Sale P.S. StreetEasy is a brand and registered trademark of Zillow, Inc. Zillow, Inc. has a real estate brokerage license in multiple states. Remember that the land lease is still binding even if theres a change of ownership, so the terms stay the same. The board thus became a willing participant in Werners scheme to force residents to pay exorbitant additional sums to keep their apartments or to give them up so that Werner can put up a new building on the site. The normal co-op structure is that each apartment owner is a shareholder in a corporation that actually owns the real estate in which the apartments are located. Currently a land-lease building, the building is negotiating to buy the land. Its a coop with liberal subletting rule (i.e. at 57th St, N Thanks for your input. 2301 57th Ave SW West Park, FL 33023. 167 East 61st Street, Trump Plaza, is an interesting example where the coop corralled all the shareholders together to buy the land from the landowner. Are you on your co-op/condo board? The building has a unique landlease and great financials. Equal Housing Opportunity. Condo for rent at 446 E 76th St. View photos, floor plans and more. Response by loveson over 9 years ago Posts: 25 Member since: Jan 2012 Another studio rescues an endangered venue. Hauseit LLC co-brokes all listings in the REBNY RLS and OneKey MLS. Homes similar to 100 W 57th St Unit 19-K are listed between $725K to $63M at an average of $3,400 per square foot. Your email address will not be published. If youre buying in a land lease coop or building, you also have to be wary of the lease payment reset dates and terms. Thank you for sharing. Find an Agent Favorites; Notes; Saved Searches. There are many co-ops on ground leases and it is rare that shareholders get a chance to buy the land. House for Rent $875 2 Beds 2 Baths 5319 N 30th St , Omaha, NE 68111 - 30 Metropolitan Place House for Rent $1,800 2 Beds 2 Baths 19617 Marinda St , Omaha, NE 68130 Elkhorn Ranch Townhome - This ranch townhome has an open floor plan with beautiful wood cabinets and stainless appliances. About 222 W 80 Street. 100 W 57th St is a house located in Manhattan County and the 10019 ZIP Code. Many buildings in London are subject to ground leases that can run for 1,000 years; the queen is often the landowner, said Stuart M. Saft, a partner at the law firm Holland & Knight. You\'ll receive the next newsletter in your inbox. But it will.. So: cash. Which means that many of the current shareholders are stuck. Contact (212) 606-7702 Message Kristi Ambrosetti Protect Yourself From Scams Learn More Report an Issue Condo Features Air Conditioning Hardwood Floors Tile Floors Package Service Accessible to all major transportation. Search 1,345 Rental Properties in Kansas City, Missouri. Carnegie House 100 West 57th Street New York, NY 10019 Co-op in Midtown 324 Units 21 Stories 1962 Built Sales listings: 9 active, 2 in contract and 399 previous Rentals listings: 2 active and 171 previous Documents and Permits: 444 documents more about the building Price History Want to analyze this property with our Comps Report Generator? W Land-lease, or ground-lease, buildings are one of the more interesting quirks of New York City real estate, and the particulars of them should be taken into careful account by potential buyers. Reach out to the broker for more info on lease terms and amenities Reach Out Now Location5-bedroom houses, 2 room options available From 105.02 per week (41 weeks) Limes Court 0.5 mile to campus City Residence 5 and 6-bedroom flats, 2 room options . Complicated in 1962, the grey-brick beauty was named after nothing less than Carnegie Hall. Even if the value of the comps decrease, the value of the land will decrease at a much quicker pace and there too, the value of the these apartments increase. Brokerage services provided by Hauseit LLC and Hauseit Group LLC, licensed real estate brokers licensed to do business in New York and Florida, respectively, under license numbers 10991232340 and CQ1064175. The Zestimate for this house is $147,700, which has increased by $852 in the last 30 days. A must for board directors, property managers, professionals and vendors! } Co-op apartment owners pay ground rent to Werner Group, which bought the land for about $270 million in 2014. The government as the landowner is exempt from paying property taxes to itself. I will say that the only coop in the city Im aware of that has a land lease that expires in less than 30 years is 575 Park Ave (I recall, may have forgotten the exact address). At a tense shareholders meeting on Tuesday night, board members said that talks with Werner have been ongoing after they went on hold during the early months of COVID-19. On the flip side, you get tremendous value for the money.. these boundaries. Submit your questions and comments here! Pied-a-Terres, subletting and pets, permitted. 781 Fifth Avenue #1616. The suit, filed on behalf of the other shareholders, claims that the board, rather than fight for shareholders interests, is playing ball with Werners illicit scheme to overcharge residents. She was just pulling her hair out, and was just like, get me out of here, because of the uncertainty and the hassle, they say. This building is built on leased, not owned, land. Amenities of this full-service building include a full-time doorman, live-in Super, valet, private storage, bike room, central laundry, and an on-site garage (on 56th Street) in which residents receive a 25% discount. Disclaimer: School attendance zone boundaries are not guaranteed to be accurate they are provided by a third the coop building) reverts back to the landowner if the lease is not successfully renewed. All rights reserved. Zillow Inc. Sites 2006-2023 ZillowMade in NYCPowered by Bikes, Coffee, and Doughnuts. party and subject to change. A purchasers due diligence should include knowing who the landowner is, including their tax structure, what the lease terms are, the financial strength and maintenance issues of the building, and what happens when the lease expires.. in Midtown Conway / Orlando) Dec 23 AC Filters 19 1/4 X 23 1/4 Merv 13 Create a free agent account; Real estate business plan; 570 57th Ave W LOT 136, Bradenton, FL 34207 . So a bank may be unlikely to provide a 30-year mortgage for a unit whose land lease expires in 20 years. See a list of these real estate licenses. 7904 E 108 St, Kansas City, MO 64134. The land underneath the Carnegie House co-op, located at 100 West 57th Street, just sold to a group of investors for $285MM, and the land underneath the Trump Plaza co-op on East 61st Street is currently on the market. $10,000, 7 Affordable Queens Neighborhoods for Renters, New Prospect Lefferts Gardens Condo Asks $539K. $10,000. My guess is that there will be litigation. Sale background-color: #b8b6b8; Written by What's with ground leases so much in the news lately? He added that the astronomical price Werner paid was based on a developer fantasy of what the site would be worth if it were vacant and able to support an all-new building. Instead, there might be a complicated formula to calculate the new rent, such as a percentage of the appraised land value built into a formula etc. Up to 90% of residents, some of whom have lived there for 50 years, stand to lose their homes.. Understanding the risks and potential costs upfront enables a client to decide if a real estate purchase in a land-lease building is a good financial investment for them or not, said Kostiw. Some of those benefits include: In general, a well-structured land lease building can be an excellent investment.