Co-op apartments in a luxury doorman building on Billionaires’ Row are selling for as low as $100,000 for a studio and $659,000 for a three-bedroom penthouse with a terrace.
But the glitch in the only-in-New York scenario is that owners in the 324-unit building must pay a combined $280 million to buy the land under the structure, or face an additional $26 million a year in ground rent on top of the current $4.4 million a year. If they don’t cough up, they face losing their homes.
Carnegie House at 100 W. 57th St., at the corner of Sixth Avenue, is a 21-story, gray brick structure that resembles many other early 1960s, middle-class Manhattan apartment buildings. Its “luxury” status seems modest compared with neighboring giants, such as the 1,550-foot-tall Central Park Tower to the west and 111 W. 57th St. to the east; units in both new projects cost up to $30 million.
#newyork #billionaresrow #newyorkrealestate
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Lease land rights. Read your contacts people. 😂
Well isn’t that just something..
Dont worry. The Democrats will save you from the Democrats, because Trump and Putin and stuff.
Literally nobody cares. Report on the child victims of Maxwell and Epstein instead of coding your stories with Numbers. You people are the lowest form of human.
these people don't own the apartment, just the right to lease it and the shares that come along with it.
if you wanna avoid this, buy a condo or a house instead.
WHO CARES …
Must be some Law of Rights if you have lived in the property for 50yrs ?
I don’t know the net worth of the residents, but you won’t get much sympathy having “billionaires’ row” in the title. shrug
Move out of NYC and get normal homes. You'll save money and be happier.
i want someone to come over tonight, whose down???
Where are the 100k listings for Billionaires row online