Carnegie House co-op wins new shot in ground lease fight

Co-op owners at Carnegie House avoided — at least, temporarily — a rent reset that would have more than quintupled the ground rent on their building.  A New York appellate court on Thursday overturned an arbitration award that would have allowed the owners of the land underneath 100 West 57th Street to raise the ground rent from roughly $4 million to $24 million. The ruling, announced in a press release from Haynes Boone, one of the law firms representing shareholders, was first reported by the New York Post. The decision marks a victory for the co-op’s shareholders, who have spent […]

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