2019-12-03 — bloomberg.com
Extell Development gave Israeli investors a peek into how well its condos are selling in New York, and the message is clear: When trying to offload luxury apartments, throwing in concessions helps, but not enough to clear inventory in a market brimming with high-priced competition.
Even Extell's lower-priced luxury offerings are struggling to find an audience. At One Manhattan Square on the Lower East Side, just 202 of the project's 815 units were spoken for as of the end of September, the filing shows. Sales started four years ago.
At that building, Manhattan's largest new condo tower, Extell has tried several experiments to lure buyers, including allowing them to rent a unit while having their monthly payments go toward an eventual purchase. Another program allows takers to put down a 10% deposit and live in their apartments for free -- not including utilities -- on the promise that they'll take ownership within a year or forfeit their money.
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