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Free common charges, paid assessments, and spa memberships: NYC sellers' most surprising incentives and gifts

The Selene The Selene
With mortgage rates higher than they have been in well over a decade, many potential buyers are hesitant to go on the market for a new home. In an effort to lure buyers, a growing number of sellers are attempting to sweeten the deal but with an interesting twist.
When mortgage rates spike, price cuts usually follow for an obvious reason. When fewer people buy homes, surplus grows, and prices decline as supply outpaces demand. In the current market, this historical pattern has yet to play out. It took a few years to recover from a backlogged supply chain at the height of the pandemic, which simultaneously slowed the completion of new developments. More recently, as available development sites become more limited and scarcity keeps prices high, there has been little impetus to introduce significant price cuts. As a result, sellers and developers are increasingly looking for other ways to attract buyers, primarily in the form of lavish gifts.

In this article:

1 Sutton Place South
1 Sutton Place South Beekman/Sutton Place
Southgate, 433 East 51st Street
Southgate, 433 East 51st Street Beekman/Sutton Place
150 East 61st Street
150 East 61st Street Lenox Hill
435 East 65th Street
435 East 65th Street Lenox Hill
Selene, 100 East 53rd Street
Selene, 100 East 53rd Street Midtown East

Sponsor-paid transfer taxes or closing costs

In most cases, sellers rather than buyers pay transfer taxes on sales. However, if you’re buying a new condo or a sponsor unit in an existing coop or condo, you will also be on the hook to pay transfer taxes as a buyer. Given that local and state transfer taxes typically add tens of thousands of dollars to one's purchase, this alone dissuades many buyers from purchasing sponsor units.

Moreover, closing costs can add up. With that in mind, the sponsor of The West Residence Club is covering closing costs on all new contracts signed by the end of 2026.

Common charges

In luxury condos, the sticker price and closing costs aren't the only high fees. Owners are responsible for monthly common charges. With that in mind, a growing number of new developments are offering to cover common charges for one year or longer. This is one of the more popular types of incentives, and buildings offering it may be seen below.
It must be noted that unlike at co-ops, where property taxes are included in monthly maintenance fees, condo owners are responsible for two sets of fees: common charges and taxes. However, sponsors have taken notice of that, too. At South Slope boutique condominium 218 23rd Street, the property taxes quoted in the listings reflect a 5-year $60K tax concession offered by sponsor.

Interest points

Given the current market, there is likely no gift in higher demand than a lower interest rate. In an innovative scheme, a few developers have started to help out potential buyers by buying down their mortgage rates for a set time. Others work with preferred lenders who can provide lower rates exclusively for buyers in the buildings. This is another popular type of incentives, and a selection of buildings offering it may be seen below.

Memberships

In a real estate market where luxury services are in high demand, it is no surprise that developers are increasingly including memberships to help lure in potential buyers. For example, at One Wall Street, buyers also receive a complimentary membership to luxury gym Life Time, which has an outpost in the building. At the recently sold-out 520 Fifth Avenue, buyers received complimentary memberships to Moss, the private club in the base of the building. And in Brooklyn, one enterprising seller at Boerum Hill condominium The Hendrik is offering a one-year membership to Bathhouse, a nearby spa, with the purchase of the two-bedroom home (details below).

Gift certificates

Both on the rental and buying side of the market, gift certificates have long been used as an incentive to close deals when the market is in a slump. For example, at the height of the pandemic, 505 West 43rd Street offered a home office package that offered $10,000 for a virtual consultation with designer Andres Escobar and new furnishings, equipment, or decor for a home office.

Bikes, luxury cars, and mopeds

There is nothing new about transportation incentives. In 2018, several rental developments in the East Village and Lower East Side attempted to attract renters by offering free memberships to CitiBike and car-sharing services. A year later, Sutton Place condominium The Revere offered new buyers a choice of common charge rebates or use of a Class A Mercedes. Finally, some sponsors have chosen to offer parking spaces as incentives.

Taylor Swift concert tickets

In 2023, the most surprising giveaway to entice potential buyers has likely been a set of coveted tickets to Taylor Swift's Eras tour. In this case, however, the gift was a one-and-done publicity stunt designed to create a buzz around the launch of sales at The Huron in Greenpoint.

Whether or not developers' and sellers' growing list of gifts will be enough to help activate sales over the coming months is yet to be seen, but one thing is sure. Although relatively low inventory and steady prices haven't created the conditions necessary for a classic buyers' market, in 2023, everyone is looking for sellers, suggesting that more lavish gifts may be forthcoming over the coming two quarters.


New development condos with sponsor incentives

222 East Broadway
11 availabilities from $935K - $3.95M
3-year common charge exemption for a limited time

222 East Broadway, Lower East Side condos 222 LES Tower + Lofts (Corcoran Sunshine Marketing Group)

222 LES Tower + Lofts, #20B (Corcoran Sunshine Marketing Group)

16 West 40th Street
5 availabilities from $1.9M - $14.5M
Pay no common charges for 12 months

16 West 40th Street, Midtown West luxury condo The Bryant (Corcoran Sunshine Marketing Group)

The Bryant, #PHS (Corcoran Sunshine Marketing Group)

100 East 53rd Street
9 availabilities from $1.595M - $29M
Two years of common charges paid by sponsor on contracts signed by 12/31/26

100 East 53rd Street, Midtown East condos Selene (Corcoran Group)

Selene, #58A (Corcoran Group)

218 West 103rd Street
5 availabilities from $1.495M - $3.999M
Three years of common charges paid by sponsor on contracts

218 West 103rd Street, Upper West Side condo The Rockwell (Toll Brothers Real Estate Inc.)

The Rockwell, #11E (Toll Brothers Real Estate Inc)

100 Claremont Avenue
11 availabilities from $1.2M - $3.995M
Free parking license with purchase for a limited time

100 Claremont Avenue, Morningside Heights luxury condo Claremont Hall (Corcoran Sunshine Marketing Group)

Claremont Hall, #36B (Corcoran Sunshine Marketing Group)

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480 Kent Avenue
11 availabilities from $1.125M - $4.85M
Two years of sponsor-paid common charges

480 Kent Avenue, Williamsburg condos for sale One Williamsburg Wharf

One Williamsburg Wharf, #21D (Serhant)

1411 Bushwick Avenue
2 availabilities from $625K - $645K
Down payments as low as 5% and mortgage rates as low as 5.625% are available through our preferred lenders for those who qualify

1411 Bushwick Avenue, Brooklyn boutique condo Bushwick Avenue Lofts (The Bracha Group)

Bushwick Avenue Lofts, #3C (THE BRACHA GROUP)

625 New York Avenue
9 availabilities from $540K - $1.495M
Adjusted pricing + 1% mortgage rate buydown (rates as low as 5.375%)

625 New York Avenue, Prospect Lefferts Gardens condo Calvert House (Corcoran Group)

Calvert House, #3H (Corcoran Group)

30-55 Vernon Boulevard
17 availabilities from $560K - $1.735M
Two years common charges covered by sponsor

30-55 Vernon Boulevard, Astoria condominium NuSun Vernon (Global Real Estate Ventures Group LLC)

NuSun Vernon, #6P (GLOBAL REAL ESTATE VENTURES GROUP LLC)

28-08 21st Street
5 availabilities from $625K - $1.05M
Complimentary private storage unit with purchase; limited quantities available

28-08 21st Street, Astoria condo Twenty8 (Nest Seekers)

Twenty8, #PHA (Nest Seekers LLC)

NYC listings with special incentives


199 Mott Street, #PH1 (Conquest)

One Sutton Place South, #11C (Brown Harris Stevens Residential Sales LLC)

One Domino Square, #22E (Compass)

The Brooklyn Grove, #17I (Nest Seekers LLC)

125 Schaefer Street, #TH (Compass)

One Manhattan Square, #21H (Keller Williams NYC)

34 West 74th Street, #PHB (Douglas Elliman Real Estate)

Southgate, #9DE (Douglas Elliman Real Estate)

The Hendrik, #3J (Compass)

88 & 90 Lex, #402 (Corcoran Group)

Loft 55, #4B (Corcoran Group)

The Aldyn, #1810 (Compass)

The River Arts, #6B (Serhant)

15 Saint Marks Place, #6B (Manhattan Boutique Real Estate Inc)

75 Wall Street, #37K (Platinum Forbes Global Properties)

The Capri, #35C (Corcoran Group)

The Antoinette, #1B/C2 (Brown Harris Stevens Residential Sales LLC)

150 East 61st Street, #16D (Compass)

19 North Henry Street, #3A (Serhant)

Midtown Manor, #8E (Howard Hanna NYC)

240 East 46th Street, #7G (Compass)

1173 Rogers Avenue, #5-CC (REAVIS DEVELOPMENT MARKETING LLC)

435 East 65th Street, #3E (Douglas Elliman Real Estate)

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.