Land is New York’s most precious commodity. Everyone wants a piece of this tight little island, and is extremely reluctant to part with it once they get it. But there is a way to sell your land and keep it too. That way is the sale-condo-back. As the real estate market continues its recovery, the sale-condo-back could become a more prominent feature of the New York real estate landscape, affording owners and developers with the tools required to overcome even the most intractable of real estate problems.
Structure and Motivations
In a sale-condo-back, an owner of real property agrees to convey the property to a developer. The developer, in exchange, agrees to develop a new building on the property. The developer further agrees that, upon completion of the building, the developer will subject the real property to a condominium regime and thereafter convey a unit or units back to the original owner.
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