One Manhattan Square. Photo b Extell
NEW YORK—Extell Development Co. is offering price incentives on new contracts signed at One Manhattan Square, a luxury residential tower on the Lower East Side.
The remaining inventory will be discounted, some up to 20%, the developer says.
The company reports that sales velocity at the tower has been strong. "However given today's uncertainty, we felt that there was an opportunity to re-engage the market with price discounts on new deals," Chairman and founder Gary Barnett, says in prepared remarks.
The company has pivoted to a virtual sales experience, but also recognized that buyers need other incentives as well, he continues. "Combined with low interest rates and a 20-year tax abatement, we feel this will make for a very compelling offering."
According to its website, Extell has seven one-bedroom condos available, eight two-bedroom units and four three-bedroom condos.
For-sale residential product across the boroughs have felt compelled to lower prices since Covid-19 entered the scene. Brooklyn has fared the best, with the average asking price reduction of the units closed in Q1 2020 was 3.3%. It was 8.5% in Manhattan in the same quarter, according to Halstead Development Marketing.
The architect for One Manhattan Square was Adamson Associates Architects with custom interiors provided by Meyer Davis Studio. The building also offers 100,000 square feet of amenities.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
