A land-lease refers to a contractual arrangement where a land owner grants the rights to use and develop a piece of land to another party for a specified period. Most of the condos and coops in New York City own the land on which they were constructed, but in the case of land-lease buildings the owners or shareholders pay periodic lease payments to the land owner in exchange 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 stipulated in a formal lease agreement. At the end of the lease term, ownership of any improvements on the land may revert to the land owner, subject to the provisions outlined in the lease contract. Most land-leases in New York City run for 99 years, and most include options for extension.
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