Fee simple ownership is the highest and most complete form of real estate ownership — you own the land and everything on it, with full control and no expiration date. In NYC, fee simple means you hold title to both the land and the building as a single asset. You can sell, refinance, lease, or develop without needing anyone else's approval. A common misconception is that owning the building means you own the land. In a ground lease, the land and building can have two separate owners — so what you actually own matters.

Example: A property owner holds a fee simple title to a 5,000 SF lot in Astoria, Queens, zoned R6 with a FAR of 2.43. They own the land, the existing two-family house, and all 12,150 SF of remaining development rights — the entire asset, with no ground lease and no expiration on their ownership.