Ground Leases from the Ground Up: A Side-by-Side Co-op Comparison

420 E. 51st Street, 400 E. 52nd Street, Turtle Bay

420 E. 51st Street, 400 E. 52nd Street, Turtle Bay

Oct. 15, 2014 — Habitat recently covered the issue of ground-lease co-ops and condos from a big-picture, concept-and-instructional perspective. But the big picture ain't the only picture, and BrickUnderground.com does a nice job with this detailed, side-by-side comparison of two co-ops in Manhattan's Turtle Bay neighborhood: one a ground-lease (a.k.a. land-lease) co-op and the other not. So check out the $349,000 ground-lease one-bedroom at 420 East 51st Street, with a $3,238 monthly maintenance, and a comparable regular co-op at 400 East 52nd Street, asking $725,000 and with a $1,732 maintenance. Ah, but those numbers alone don't tell the story. The devil is in the details — as is, possibly, a devilishly good deal.

Ground Leases from the Ground Up: A Side-by-Side Co-op Comparison

420 E. 51st Street, 400 E. 52nd Street, Turtle Bay 420 E. 51st Street, 400 E. 52nd Street, Turtle Bay

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420 E. 51st Street, 400 E. 52nd Street, Turtle Bay

420 E. 51st Street, 400 E. 52nd Street, Turtle Bay