Dennis Greenstein Quoted in Manhattan Market Watch
“Considering Ground Lease Co-Ops”

Dennis Greenstein was quoted in the April 2010 Manhattan Market Watch article, “Considering Ground Lease Co-Ops.” The article discussed how executors of an estate are waiting to sell an apartment in a ground lease building because there is too much uncertainty surrounding the renewal of the lease, which is due to expire June 30, 2010. The article noted that the co-op board and landlord are waiting until the 11th hour before coming to terms on a leasehold extension. According to Dennis, "That’s a reckless tactic. I’d have to read the actual land lease document to see what options are available to the co-op, but in theory, upon the expiration of the lease, it’s very likely that the shareholders’ tenancy will end, and their equity could cease to exist.” The article noted that as you move up in the years of the lease term and if no provisions have been made to extend the lease, then the property's value actually depreciates. If the lease is allowed to expire, the landlord can take the property back, and the condo or co-op would no longer exist because the shareholders would revert to being renters and lose their equity. Dennis commented that ownership in a leasehold is "a diminishing asset."