In its report on the three boroughs for the month of August, the brokerage firm says that concessions remain a key part of leasing strategy in Manhattan and Brooklyn and to a lesser degree in Queens.

The seller, a Wharton equity company, acquired the property in early 2017 in an off-market transaction from the original developer and thereafter undertook significant renovations at the property that produced dividends.

Developers here have been quite active for years, but the coming of Foxconn has sparked a new speculative boom.

The property, located at 2900 Connecticut Ave., NW in Washington's historic Woodley Park neighborhood, achieved occupancy stabilization in just eight months after the initial lease-up period.