The Marais (520 West 23rd Street)

The building rises 15 stories in red brick over a two-story beige-brick base, set mid-block on a lot of about 12,000 square feet. The layouts are the studio-to-two-bedroom mix the sponsor aimed at buyers who wanted new-construction finishes at a smaller size. The plan's price schedule runs from studios through two-bedroom, two-bath apartments. Many apartments have outdoor space, and washer/dryers are permitted in units.

The building has a 24-hour concierge, a roof deck, a landscaped rear yard and a bike room.

Tax benefits. The plan expected a Section 421-a partial tax exemption, with no building real estate tax during construction and the first operating year, then a scheduled phase-in. DOF's exemption roll shows no building-level exemption for the 2021 through 2027 tax years, which fits a benefit that has fully phased out. The exact start year and term were not confirmed in the records reviewed. Buyers today should assume full taxes.

Debt. ACRIS shows no recorded leasehold mortgage taken by the cooperative. The recorded mortgages on the lot are the landowners' fee mortgages. Confirm the cooperative's own debt, reserves and ground-rent budget from the current audited financial statements.

Leasehold tax treatment. The plan explains that in a leasehold cooperative, the pass-through tax deduction works differently from a fee-owned building, because ground rent is not real estate tax. Buyers should review this with their own tax adviser.

Per the offering plan on file:

• Term. 75 years, expiring April 10, 2076. The cooperative has no right to renew, extend or buy the land.
• Rent resets. Fixed ground rent resets in 2031 and again in 2061. Each reset uses a formula based on 7% of the land's value or 110% of the prior fixed rent, and the rent then rises another 10% in the fifth year after each reset. The plan itself warns that the rent could increase significantly, that maintenance would rise with it, and that apartment values would likely fall as a result.
• Declining term. The plan also warns that values near the end of the lease will likely suffer as the remaining term shortens.
• Casualty. The cooperative, as tenant, must restore the building after a casualty.
• Fee mortgages. The plan's lease summary says the ground lease is not subordinate to fee mortgages. ACRIS shows the landowners' fee mortgages and related agreements recorded in 2003, 2013 and 2025.
• Ownership of the land. A 2021 deed recorded in ACRIS moved part of the fee interest to new landowning entities, with a memorandum of lease recorded alongside it. A change of landlord does not change the lease terms.

The 2031 reset is five years away. How it will be calculated, including who appraises the land and on what basis, is the most important thing to learn before pricing an apartment here. That comes from the full ground lease and the board, not from this page.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00694-0042) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price.

Start with the ground lease. Get the full ground lease, not only the plan summary. Get the current ground rent and any board communication on the 2031 reset. Model maintenance before and after the reset, and read that model against the price.

Check financing early. Co-op lenders look at the remaining ground-lease term against the loan's maturity. With the lease ending in 2076, a loan written today leaves some cushion, but that cushion shrinks every year. Confirm that your lender will make the loan before you sign.

Transfers are close to condominium freedom. There is no board consent and no interview, only the corporation's right of first refusal. That shortens timelines and widens the buyer pool at resale.

Budget the transfer costs. The seller pays the 1% transfer fee. The buyer pays a working-capital contribution of one month's maintenance plus the usual application and closing fees.

Explain the structure before buyers ask. Buyers and their attorneys will find the ground lease anyway. Give them the lease term, the reset dates and the building's financial posture up front.

Sell the flexibility. No board consent and permitted subletting are real advantages over a standard Manhattan cooperative. Present them clearly.

Price with the reset in view. Until the 2031 reset rent is known, buyers will discount for it. Pricing that ignores it will sit on the market.

If you're considering The Marais, also evaluate:

• 100 Barrow Street — Village leasehold cooperative marketed as a condop, on a 99-year ground lease
• 269 West 87th Street — Upper West Side leasehold cooperative marketed as a condop
• 175 East 62nd Street — Upper East Side ground-lease cooperative
• 205 East 63rd Street — Upper East Side land-lease cooperative
• London Terrace Towers — prewar fee-owned Chelsea cooperative on the same street
• 555 West 23rd Street — larger 2006 West Chelsea condominium on the same block of 23rd
• 515 West 23rd Street (HL23) — boutique condominium across the street, beside the High Line
• 525 West 22nd Street — loft-conversion condominium on the block behind