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Condo Law & Practices

Steep Land Lease Increases Could Be a Nasty Shock for Co-ops

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Every so often a scenario comes along in the otherwise fairly predictable world of New York co-ops that has the potential to upend long-standing norms. That may be the case for Carnegie House, a ground lease co-op at the corner of West 57
th
Street and Sixth Avenue in midtown Manhattan.   
What’s a Ground Lease?
Good question – and the answer is key to understanding the story of Carnegie Hous…


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