Property Ownership
In New York, a 'ground lease' differs from a traditional lease in that:
AA ground lease covers only the ground floor of a building
BUnder a ground lease, the tenant leases only the land and typically constructs improvements (such as a building) on it, which may revert to the landlord at lease expiration✓ Correct
CA ground lease is limited to 10 years under New York law
DGround leases are only used for agricultural purposes
Explanation
A ground lease is a long-term lease of land only, typically 50–99 years, under which the tenant constructs and owns improvements on the leased land. At lease expiration, the improvements typically revert to the landowner. Ground leases are common in NYC for major commercial and hotel developments and some residential co-ops.
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