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The developer holds a ground lease.
the term "homeowner" means a lessee under a long-term ground lease.
The developer took a 99-year ground lease on 51 Astor Place for $97 million.
The Schors declined to say how much they paid for the ground lease.
Those that do not own the ground on which the building stands rent it through something called a ground lease.
Instead, it has signed a 99-year ground lease with Beacon Capital Partners, which will oversee the build-out.
The partners are in the process of buying the ground lease under the building from the city.
Like many hospitals, Swedish will retain the ground lease, enabling the hospital to insist on certain conditions, Mr. Sperling said.
The museum has signed a 99-year ground lease for $1 a year with the Hyatt Development Corporation.
Similar(2)
Ms. Stein's employer, Barbara Corcoran, is herself an owner of a ground-lease co-op on the Upper East Side.
But there is another form of real estate investment, known as a ground-lease co-op, that falls somewhere between renting and owning a home.
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