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A blog from CityRealty (Links below will take you to the 6sqft site)


In a softening market, developers are thinking outside the box to attract buyers.
When New York's updated mansion tax was enacted earlier this year, its intent was to raise proceeds for infrastructure and enhancing the MTA. The tax increase affected high-end buyers purchasing apartments of more than $2 million. However, the timing of the deal has coincided with a general market slowdown at the high end and ongoing fears of a recession.

The increase in carrying cost passed on to buyers has inspired the real estate community to, um, get creative. To beat the Mansion Tax July 1 enaction date, some brokers made it a contractual obligation to close by July 1." For listings that have not sold, some sellers have been reducing prices or even slash their prices to bring the unit into a lower tax bracket.
More recently, The Real Deal reports that new construction sponsor units have joined the fray. We have gotten used to seeing rental buildings offering concessions of all types, but these take it to a whole new level. Extell Development, the firm at the helm of the likes of One57, Brooklyn Point, and Central Park Tower, is launching a "rent-to-buy" program at One Manhattan Square. The amenity-wealthy Lower East Side project is allowing renters to apply a full year's rent to the purchase price of the condo unit. Elsewhere, developers like Magnum Real Estate and Elad Group are offering to cover increased mansion and/or transfer taxes that would be paid by buyers. And still others will even throw in a Mercedes to sweeten the deal.

In at least one instance, these programs have proven successful - Ekstein Development Group offered to pay mansion taxes on all condos at 30E31 purchased before September 30, and our listings show at least six units offering the incentive are now in-contract. Below is short rundown of buildings offering similar initiatives.

Architect: Ralph Walker | Developer: Magnum Real Estate

Neighborhood: Tribeca

158 Units | 32 Floors

16 available apartments from $2M - $39.95M

Sponsor will cover increases in mansion and transfer taxes on closings before Thanksgiving 2019

Housed in New York's first Art Deco skyscraper, the onetime headquarters of the New York Telephone Company and Verizon have been transformed into spacious, luxe apartments with high ceilings and open floor plans. The original elevator lobby and lobby artwork have been meticulously restored, and new amenities include a wine-tasting room, fitness center, pool and spa area, children's playroom, teen lounge, and club room.
100-Barclay-Street-1 All images of One Hundred Barclay Tribeca via Rise Media/The Corcoran Group
100-Barclay-Street-2 Great Room
100-Barclay-Street-3 Chef's kitchen
100-Barclay-Street-4 Master bedroom
Soaring 10' ceilings and enormous casement windows fill this loft-like apartment with light from southern and western exposures. An open kitchen with top-of-the-line appliances and Calacatta Gold marble countertops and backsplash is directly adjacent to the expansive Great Room. All bedrooms have generous closet space and en suite baths, and the master suite boasts a walk-in closet and marble bath with radiant heated floors and custom vanity. See floor plan and full details here.

Architect: ODA Architecture | Developer: Elad Group

Neighborhood: Midtown West

123 Units | 16 Floors

16 available apartments from $865K - $4.59M

Sponsor will cover transfer taxes

505-West-43rd-Street-1 All renderings of Charlie West via Elad Group
A small building boom has taken place north of Hudson Yards, and Charlie West is a prominent part of it. ODA's design is modest in scale but striking in facade, and all units feature modern interiors by Lemay + Escobar. The two buildings in this development are connected by a beautifully manicured private garden and topped with a furnished roof deck with stunning skyline and river views. Indoor amenities include a lobby with doorman and fireplace, a state-of-the-art fitness center, a heated indoor/outdoor pool, children's playroom, and bike-sharing facility.
505-West-43rd-Street-2 Living room
505-West-43rd-Street-3 Kitchen
505-West-43rd-Street-4 Bedroom
Impeccably designed apartment faces south and comes finished with floor-to-ceiling windows and 5" white oak plank flooring. The kitchen is outfitted with custom Italian cabinetry, white honed quartz countertops and backsplash, and fully integrated high-end appliances. Additional perks include spa-like master bath and in-unit Bosch washer/dryer. See floor plan and full details here.

Architect: John Fotiadis | Developer: MNS Real Estate

Neighborhood: Long Island City

48 Units | 14 Floors

42-14-Crescent-Street-1 All images of The Independent via MNS Real Estate
The Independent was originally conceived as a Long Island City rental in 2016, but recently went co-op. In any incarnation, it benefits from a modest design and easy access to top local restaurants and several transportation options to Manhattan. The building is topped with a landscaped roof deck overlooking spectacular skyline views, and additional amenities include a courtyard with grilling area, a lounge, a fitness center, a bike room, and private storage.
42-14-Crescent-Street-2 Living room
42-14-Crescent-Street-3 Kitchen
42-14-Crescent-Street-4 Bedroom
Fantastic floor-through home is flooded with light and Manhattan skyline views from large windows. The open kitchen offers generous storage in the form of an island and looks out on the living/dining area for seamless entertaining potential. The master suite is at the opposite end of the apartment for privacy, faces south, and comes with a walk-in closet and enough room for a king-size bed. See floor plan and full details here.

Architect: Manuel Glas | Developer: Third Palm Capital LLC

Neighborhood: Lenox Hill

30 Units | 19 Floors

5 available apartments from $829K - $3.19M

Sponsor will pay two years of common charges at closing

301-East-61st-Street-1 All images of The Clare via Halstead
Sleek Upper East Side condominium is distinguished by its beautiful facade featuring natural Indiana limestone, Porcelanosa panels, and oversized windows that fill the apartments with incredible natural light, not to mention views of Central Park, the 59th Street Bridge, and the Manhattan skyline. A tax abatement is in effect, and residential amenities include a 24-hour attended lobby, cold storage and package rooms, and bike room.
301-East-61st-Street-2 Living room
Sleek studio is flooded with natural light and city views from oversized windows. The open kitchen is outfitted with quartz countertops, custom Poggenpohl cabinetry, and a full suite of Miele appliances. The bath offers excellent storage, separate stall shower, and custom porcelain tiles. See floor plan and full details here.

Architect: Ismael Leyva | Developer: Magnum Real Estate

Neighborhood: Lower East Side

94 Units | 11 Floors

12 available apartments from $1.3M - $5.88M

One-year membership to Equinox at closing

196-Orchard-Street-1 All images of 196 Orchard Street via Douglas Elliman
Those seeking proof that the Lower East Side has gone from grungy to glam need look no further than 196 Orchard Street, which wound down construction earlier this year. Located next to the world-famous Katz Delicatessen, the design by Ismael Leyva pays homage to classic tenements while adding a touch of luxury with a gold-dusted brick facade. The doorman building offers a bike room and private storage, and its crowning glory is a 4,400-square-foot roof deck with a sky lawn, outdoor kitchens, dining areas, and cabana-style seating.
196-Orchard-Street-2 Living room
196-Orchard-Street-3 Kitchen
196-Orchard-Street-4 Master bath
Exceptionally designed apartment's high concrete ceilings and oversized industrial-style windows pay homage to the Lower East Side's tenement past and fill the present apartment with incredible natural light from northern and eastern exposures. Just off the open Great Room, the open kitchen is outfitted with onyx lacquer cabinetry, European walnut millwork, and fully integrated, state-of-the-art appliances. The five-fixture marble master bath boasts a full overlay white lacquer vanity, mirrored medicine cabinet, and Waterworks fixtures. See floor plan and full details here.

Architect: BKSK Architects | Developer: HFZ Capital Group

Neighborhood: Tribeca

27 Units | 10 Floors

2 available apartments from $7.95M - $9.95M

Sponsor offers one year of common charges on contracts signed by November 30, 2019

11-Beach-Street-1 All images of 11 Beach via Douglas Elliman
In the heart of Tribeca, the pre-war building at 11 Beach Street was erected as an industrial structure in 1910. More than 100 years later, it was converted to luxury condos with sumptuous interiors by Thomas Juul-Hansen of One57 fame. Residential amenities include 24-hour concierge service, a skylit fitness center, and children's playroom.
11-Beach-Street-1 All images of 11 Beach via Douglas Elliman
11-Beach-Street-2 Kitchen
11-Beach-Street-3 Bedroom
Grandly scaled triplex with its own front door offers the best of both worlds - the privacy of a townhouse and the convenience and luxury of a condominium. The immaculate entertaining floor has a spacious Great Room and chef's kitchen with state-of-the-art appliances and eat-in dining area. The master suite boasts a spa-like bath, but the basement is home to a true private spa with sauna, steam room, rainforest shower, exercise areas, and custom 35' stainless steel pool with glass wall. See floor plan and full details here.

Architect: Gerner, Kronick + Valcarel | Developer: GFI Development Company

Neighborhood: Financial District

68 Units | 51 Floors

9 available apartments from $1.4M - $12.45M

Common charges waived for up to three years

5-Beekman-Street-1 All images of The Beekman Residences via Douglas Elliman
Next door to the restored Temple Court Building that now houses the super-posh Beekman Hotel, a new condominium rose with all residences starting 172 feet off the ground to make the most of spectacular skyline and river views. However, luxurious interiors by Thomas Juul-Hansen are not to be overlooked. Residential amenities include a private dining room and chef's kitchen, media room, rooftop terrace, and a "Beekman Black Card" that offers access to the hotel's staff and services, which include priority reservations at Tom Colicchio and Keith McNally restaurants.
5-Beekman-Street-2 Living room
5-Beekman-Street-3 Kitchen
5-Beekman-Street-4 Bedroom
Upon arriving at this high-floor home, a mahogany entrance door opens to to a grand entry foyer leading to an elegant living/dining room with striking skyline and river views through 10' floor-to-ceiling glass windows. The open kitchen is outfitted with a center island, custom cabinetry, and Miele appliances. The north-facing master suite boasts City Hall Park and Beekman Atrium views, abundant closet space, and super-luxe five-fixture bath. See floor plan and full details here.

Architect: Beyer Blinder Belle | Developer: Extell

Neighborhood: Carnegie Hill

11 Units | 15 Floors

4 available apartments from $12.95M - $45M

Sponsor to pay first two years of common charges on deals signed before Thanksgiving 2019

1010-Park-Avenue-1 All renderings of 1010 Park Avenue via Extell
In the prestigious Park Avenue Historic District, a rare condominium has risen on the former site of Park Avenue Christian Church's parish house. The Indiana limestone and ashlar Manhattan schist base complements the neighboring church. Inside, the collection of full-floor and duplex apartments boasts elegant interiors by David Collins Studio. Residential amenities include a billiards room, fitness center, 50' private pool, screening room, and children's playroom.
1010-Park-Avenue-2 Great Room
1010-Park-Avenue-3 Eat-in kitchen
1010-Park-Avenue-4 Bedroom
Full-floor apartment masterfully combines classic Upper East Side elegance with modern finishes. The elevator opens directly onto a private landing, and grand entertaining rooms look out on beautiful Park Avenue views. The state-of-the-art eat-in kitchen is just off the formal dining room and outfitted with top-of-the-line Miele appliances, custom oak cabinetry, and marble tile floors. The master suite boasts a massive walk-in closet and five-fixture bath. See floor plan and full details here.

Architect and developer: DDG

Neighborhood: Tribeca

13 Units | 12 Floors

3 available apartments from $3M - $6.45M

Sponsor to pay common charges for first ten years on deals signed before November 30, 2019

12-Warren-Street-1 All images of 12 Warren Street via Douglas Elliman
Only half a block from City Hall Park, a seven-story commercial building served as the base for this new 12-story condominium. It is immediately distinguished by its rough-hewn bluestone facade and craggy-looking top, but there's nothing rustic about the apartments within, some of which are reached by private elevator. The building is staffed by a 24-hour doorman and concierge, and amenities include a fitness center, bike room, storage, and landscaped roof deck.
12-Warren-Street-2 Great Room and kitchen
12-Warren-Street-3 Master bedroom
12-Warren-Street-4 Master bath
Ultra-private Tribeca triplex townhouse boasts soaring ceilings, bluestone-accented foyer, and walls of south-facing windows that fill the home with natural light. The beautifully appointed kitchen comes outfitted with custom white lacquer cabinetry, a honed black marble center island with seating, and full suite of Gaggenau appliances. The ultra-private master suite faces south and features a walk-in dressing room and five-fixture marble and bluestone bath. See floor plan and full details here.

Neighborhood: Beekman/Sutton Place

228 Units | 31 Floors

7 available apartments from $850K - $2M

Common charge rebate or 2019 Class A Mercedes pre-paid for two years

400-East-54th-Street-1 All images of The Revere via Berkshire Hathaway
A rare condominium for its exclusive Manhattan neighborhood, The Revere went up in 1972 and was converted to condos in 1987. Despite the large number of apartments in the building, a low unit count per floor allows for a private atmosphere. The building is staffed by a 24-hour doorman, live-in superintendent, and concierge to meet residents' every need. A roof deck is in the works, and current amenities include a parking garage, bike room, landscaped garden, and storage.
400-East-54th-Street-2 Living/dining room
400-East-54th-Street-3 Kitchen
400-East-54th-Street-4 Master suite
Elegant apartment in a full-service building is flooded with natural light and city views through southern and eastern exposures. The chef's kitchen is outfitted with a 10' breakfast bar and top-of-the-line appliances. The bedroom wing offers two large bedrooms with generous closet space and super-luxe bath in master suite. See floor plan and full details here.

Architect: Issac & Stern | Developer: 157 Tompkins LLC

Neighborhood: Bedford-Stuyvesant

10 Units | 6 Floors

2 available apartments from $925K - $1.45M

Sponsor to pay first year of real estate taxes for offers made on or before November 30, 2019

159-Tompkins-Avenue-1 All images of 159 Tompkins Avenue via VHT/The Corcoran Group
The modern condominium at 159 Tompkins Avenue went up in the midst of a Bedford-Stuyvesant building boom. Its ultra-modern facade stands out on a block of brownstones, and all units offer impressive square footage and private outdoor space. It is excellently situated near local parks and restaurants as well as several transportation options for a quick trip to Manhattan.
159-Tompkins-Avenue-2 Bedroom
159-Tompkins-Avenue-3 Kitchen
159-Tompkins-Avenue-4 Private garden
Spacious, airy apartment enjoys incredible natural light through a wall of windows, and a lush private garden is the ideal place to enjoy it. Just off the vast living room, an open kitchen boasts Caesarstone countertops and professional-grade appliances. Both bedrooms offer excellent square footage and architectural elements, and the master bedroom has en suite bath and garden access. See floor plan and full details here.

Architect: Adamson Associates | Developer: Extell

Neighborhood: Lower East Side

811 Units | 72 Floors

19 available condos from $1.23M - $4.33M
14 available rentals from $3,750 - $7,200/month

Rent-to-buy program with developer crediting a full year's rent to purchase price

252-South-Street-1 All images of One Manhattan Square via Extell
Situated at the foot of the Manhattan Bridge, One Manhattan Place towers over its nearest neighbors, gleams in the sunlight, and offers spectacular skyline, river, and bridge views. Floor-to-ceiling windows fill every apartment with abundant natural light, and all residences come with a choice of color schemes for the chef-quality kitchens. A whopping 100,000 square feet of amenities includes a fitness center, bowling alley, sports courts, pool, spa, screening room/performance space, children's playground, dog run, and tea name just a few!
252-South-Street-2 Living room
252-South-Street-3 Kitchen
252-South-Street-4 Master bedroom
High-floor home faces southwest and looks out on spectacular New York Harbor views. Interior features include kitchen with custom finishes and Miele appliance package. The master suite boasts enviable closet space and a luxe bath with radiant heated floors and custom cabinetry. See floor plan and full details here.

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Twenty Broad seamlessly blends rich history with modern style, while paying homage to a historic space once set aside for the New York Stock Exchange. View Property
Spacious 1 Bedrooms with outdoor space and in-residence w/d View Property
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