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New York

Concessions pick up as rental market slows down

Flexibility, sweeteners also increase on sales side of the market

From left: Gabriel Leibowitz, Jon Kestenbaum and Matthew Baron
From left: Gabriel Leibowitz, Jon Kestenbaum and Matthew Baron

From the November issue: With the rental market heading into its slowest seasons, landlord concessions are back. Beyond the standard month of free rent, though, some building owners are trying to entice renters with more upscale offerings: think flat-screen TVs and in-home massage services. And when it comes to new construction, developers are loading buildings with amenities to attract tenants and justify high prices.

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“It’s not uncommon to have gyms, lounges and kids’ rooms as a baseline,” said Matthew Baron, president of Simon Baron Development, which filed plans to build a 296-unit rental building in Long Island City at the former Paragon Paint Factory. [more]

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Chetrit GroupMoinian GroupSilverstein PropertiesSimon Baron Development