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New York real estate is crazy...

Posted on: August 13, 2025 at 14:08:58 CT
tgr MU
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You own your apartment but someone else owns the land the building is on. And the land is worth $280 million a year now.

Not a bad ROI for the guy who bought the land for $261 million 11 years ago.

https://nypost.com/2025/07/24/real-estate/nycs-carnegie-house-faces-a-450-ground-lease-spike/

Edited by tgr at 14:09:08 on 08/13/25
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New York real estate is crazy... - tgr MU - 8/13 14:08:58
     hell....didn't the dutch buy the whole island with some - CulturedDan MU - 8/13 15:06:28
          I mean they were pretty nice oyster shells though (nm) - phrejd STL - 8/13 15:21:33
               The best(nm) - CulturedDan MU - 8/13 15:29:24
                    you know that some guy named eagle soars in wind - SabertoothTiger MU - 8/13 15:53:30
     I worked in Manhatten for a while. I could never ever - SabertoothTiger MU - 8/13 14:58:17
          If I was working on Wall Street and making enough to live - tgr MU - 8/13 15:22:52
     ground leases exist outside NY, too. - Ace UNC - 8/13 14:43:27
     Something similar happened to my ancestors - alstl MU - 8/13 14:37:13
          RE: Something similar happened to my ancestors - Joeboo MU - 8/13 14:52:24
     did that say they hadn't had a land-rent increase since 2004 - Joeboo MU - 8/13 14:24:24
          This gives some more details about it: - tgr MU - 8/13 14:33:37
               seems smart to only adjust once every 30-50 years - Joeboo MU - 8/13 14:50:45




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