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A Question about Land Leases in NYC

So I am currently lookin at a Co-op apartment in Brooklyn, NY that is extremely affordable because it is in a land leased building. I was told that the lease is 29 years from expiring. What happens to the Co-op owner if the lease expires? I was told by a friend of the family that if the lease expires, the land owner takes over the building and you basically become a renter overnight and lose out on all the money you put into the apartment. Is this true?

submitted by /u/Hoxha80
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source https://www.reddit.com/r/RealEstate/comments/15ubpnw/a_question_about_land_leases_in_nyc/
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