Multiple publications have posted articles which took Extell's marketing of Brooklyn Point at face value rather than doing any investigative research.
Examples:
www.brickunderground.com
In reality it isn't a land lease building. It is a three unit condominium where the residential unit is leased to a Cooperative Corporation. Perhaps what is worse is the canard being floated that the Coop has the option to buy the land, when in fact what they have is the option to buy the residential unit condominium.
Examples:
New Developments Market Condops to Broker Confusion
New developments market condops, which brokers call “co-ops with condo rules,” but the technicalities vary by property.
therealdeal.com
Brick Underground's best advice about buying in a landlease building
They are a small fraction of NYC buildings, and not well understood.
In reality it isn't a land lease building. It is a three unit condominium where the residential unit is leased to a Cooperative Corporation. Perhaps what is worse is the canard being floated that the Coop has the option to buy the land, when in fact what they have is the option to buy the residential unit condominium.