Reddit mentions of The New York Co-op Bible: Everything You Need to Know About Co-ops and Condos: Getting In, Staying In, Surviving, Thriving

Your monthly payments to your co-op will go probably go UP. If it's not your maintenance (which it probably will be rolled into) it will be an "assessment" that is added to your maintenance bill. Usually an underlying mortgage payment divided by shares owned is calculated into the maintenance bill. Currently it is a rent payment that is part of your maintenance. While that will go away a new loan payment will replace it. I doubt it will be less than the rent you are currently paying, otherwise, why would the landlord sell?


You are correct, when you buy a co-op you are not buying real property. You are buying shares in a company. This doesn't change if there is or isn't a land lease. There is NO benefit to a co-op with a land lease over a co-op one without (IMHO, it is a huge negative, actually). In either type, your name will NOT go on anything except your stock certificate. It's the company that owns everything. Your shares just give you the right to live in Apt X. The company owns the apartment, building, and usually the land the building sits on- but yours doesn't. The company is purchasing the land. You purchased a piece of paper.


If you own shares in a co-op which owns the land it is on, you can deduct mortgage interest from your taxes. Your co-op should give you a year end summary of the dollar amount of interest your shares paid for the tax year.


You should get and read a copy of the New York Co-op Bible. IMHO, it should be required reading for any NYCers considering purchasing a co-op. It explains everything quite clearly, including land lease co-ops. https://www.amazon.com/New-York-Co-op-Bible-Everything-ebook/dp/B00GL441AY/ref=sr_1_2?ie=UTF8&qid=1501090936&sr=8-2&keywords=the+co-op+bible