“Now that the co-op is no longer paying a lease, shareholders at Trump Plaza are in fact benefitting from an 18 percent reduction in their monthly maintenance,” Cooper says.

Since the acquisition of the land, the co-op is focusing on major upgrades to the building including a recently completed renovation of the dramatic, triple-height lobby and the addition of a children's playroom. Other significant projects planned for this year include the refurbishment of all the building's hallways and a new and expanded fitness center. Trump Plaza is already well known for its white-glove, 24-hour doorman and concierge services, its private ground floor garden and waterfall, as well as convenient onsite parking that is accessible directly via the building.

There are approximately 100 residential buildings throughout Manhattan on leased land, which many property experts considering a diminishing investment.

“Residences in land lease buildings typically trade 20 to 30 percent less than equivalent properties,” says John Janangelo, EVP of Douglas Elliman Property Management, which manages Trump Plaza.

Currently, there are 13 units on the market at Trump Plaza priced between $1,295,000 and $6,400,000 with an average asking price per square foot of $1,823.

According to Jonathan Miller, president and CEO of Miller Samuel, a real estate appraisal and consulting firm, “The board has repositioned the co-op to a significantly higher price point by removing the ground lease from the list of building characteristics. In an era of low inventory, this upgrade was made at an opportune time.”