Cable tower ground lease
In 1984, we leased real property to Comcast. The lease term will end middle of May, 2014. Comcast assigned it's interest in the cable tower to CTI about 2 years ago. In 1984, we were able to get a zoning variance for the cable tower. If the existing tower is removed by CTI, we will lose the variance and not able to get another. The monthly rent is $2700.00. CTI is now offering to extend the lease but only for monthly payments of $750.00. We have been told that the existing cable tower can be retro- fitted to accommodate up to 5 cellular service providers.
I have found some ground leases to cellular providers. Yearly rent due on these leases is $19,800.00 and up.
Any idea what a fair market value is on the ground lease?
Thank you, Trish R.
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