A land lease refers to a contractual arrangement where a landowner grants the rights to use and develop a piece of land to another party for a specified period. While most New York City apartments, including NYC condos and co-ops, own the land on which they are built, land lease buildings in NYC involve owners or shareholders making periodic lease payments to the landowner for the right to construct and utilize structures on the leased land. The terms and conditions of the land lease, including duration, rent escalation clauses, and permitted land use, are outlined in a formal lease agreement. At the end of the lease term, ownership of any improvements on the land may revert to the landowner, depending on the provisions specified in the lease contract. Most NYC land lease buildings have leases that run for 99 years, with many including options for extension.
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