Developers still banking on buyer, broker incentives

March 15, 2010 02:03PM

From left: Griffin Court, SoHa 118, L Haus

It seems that New York City developers aren’t pulling back on buyer and broker incentives — at least not yet. At Griffin Court’s launch last week, the 95-unit condo at 800 10th Avenue, brokers were treated to a free lunch and the promise of either an Apple iPad or a 42-inch flat-screen television for each sale in the building before April 30. And its developer, Alchemy Properties, has pledged to cover transfer taxes for the first 15 buyers. At L haus in Long Island City, the Stahl Organization is luring its next six buyers with a free private rooftop cabana, valued at $70,000. Since sales of units with two-bedrooms and larger have been slow-going, the developer is also offering $10,000 towards closing costs on larger units, plus two-months free of common charges for those who sign contracts by the end of the month. At SoHa 118, brokers who sell more than one unit are eligible for an additional 1 percent commission for each deal, also courtesy of the developer. Sales in the city’s newly-debuted condominiums are beginning to accelerate, but they’re still far below the levels seen in 2007, when many of them were planned.
[Crain’s]