#ground-lease

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fromNew York Post
22 hours ago

Exclusive | Panicked residents of rare affordable building on Billionaires' Row protest over 'disastrous' 450% rent increase: 'Save our homes!'

Just down the block sits Carnegie House. It's the longtime home of many rally attendees - and one of Dell's recent real estate investments. Residents of the co-op, known as the only remaining affordable building on Billionaires' Row, are facing the looming threat of displacement from a 450% rent hike. The issue is the co-op's ground lease. Though residents own their apartments inside, they don't own the land the building stands on - the ground lease owners do.
Real estate
NYC real estate
fromAol
1 week ago

Residents of NYC co-op facing 450% rent hike could lose homes amid market 'craziness' - how an ownership quirk hurt them

Long-term ground leases can lead to dramatic rent increases, threatening affordability and stability for co-op residents.
fromMoneywise
1 week ago

Residents of NYC co-op facing 450% rent hike say they could lose their homes amid market 'craziness' - how a once-beneficial ownership quirk hurt them

If the lease tenants can't pay the new rent, the building could go into default and residents would lose all equity in their homes.
NYC real estate
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