The managing principal and lead partner at Allegiance Investment Advisors in New York City, Dean Britton earned a BA in biomedical ethics from Brown University in 1986 and went on to complete graduate work in real estate at the University of Wisconsin-Madison. At his firm, Dean Britton sources and structures new ground leases around the city.
In New York, many commercial and residential properties are built on leased land. A land-leased property is a bifurcated form of real estate on which the land and the building are owned by separate entities. Land-leased residential properties are typically leased at prices that are significantly lower than the market value of their category, sometimes by up to 30 percent. However, tenants of leased properties pay high maintenance fees due to additional interest liability on the land.
Landowners typically lease their lands to continue receiving a return on their investment rather than selling them. Land-lease contracts are long-term agreements lasting for decades. Some land contracts in New York will expire after 100 years or more.
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