[RainMan]

Zero leverage if the building has to be leveled. Your title becomes a title to unimproved air, and if a new building goes up in that air, you dont own it.

[Alberta's Child]

One of my clients owns 15 units in an aging 100-unit condominium complex. To a layperson his situation seems untenable because he’s getting close to that “unimproved air” scenario.

But he’s a very astute investor who is sitting on these assets because he knows that leveling the building is the best thing that can happen. The land itself is so valuable that owning a 15% stake in it puts him in an excellent financial position.