The Real Deal New York

From the April issue: When times are tough, landlords often offer a month’s free rent to lure tenants. Now a developer is taking a similar approach much further. Maplewood Homebuilders recently rolled out what it calls the “no mortgage for one year program,” offered to qualified buyers who close on a select home in any of the company’s 11 communities in New Jersey. “There are no balloon payments or push-off payments that turn it into a 31-year mortgage,” said Tom Jablonski, executive vice president of sales and marketing at Maplewood. At the company’s new 36-unit project, the Savoy at Rahway, two-bedroom condos start at $315,000. Homes at the Bergen Mills development in Monroe Township go for $1.1 to $1.2 million.