There has been press recently about co-operative buildings on ground leases, where land ownership is separate from building ownership. The co-op does not own its land but “rents” it from the actual landowners, allowing co-ops to lease the land under their buildings for a fixed period, often decades. In cities like New York, where land is scarce and property prices soar, co-ops built on ground leases have long been a pragmatic solution. As these leases…
75 Pierrepont St. in Brooklyn Heights Sells, Remains Rent-Stabilized
Lee & Associates NYC on Sept. 4 completed the $6.8 million sale of 75 Pierrepont St., a 25,800-square foot, six-story, rent stabilized residential building in Brooklyn Heights at a 6.2% cap rate. “The sale of this Brooklyn Heights jewel for a 6.2% cap shows that there is hope amongst the NYC investment community that the legislature will one day realize that the best way out of a housing crisis is building more units, not regulating them,” said…