At more NYC condos, it’s rent before you buy

New York /
Aug.August 01, 2012 02:34 PM

A growing number of would-be condominium buyers are renting in their prospective building before buying, the Wall Street Journal reported.

Condo-rental hybrids like the Aldyn, at 60 Riverside Boulevard, make this easier, the Journal notes. One resident, Sanjay Gupta, rented there before buying, which made the entire process easier, he told the Journal.”We already had a relationship going with the management so they made the transition to buying easier for us,” Gupta said. “We knew exactly what to expect with the apartment.”

Sometimes sponsors are also willing to rent out units before selling, or to sell units that had been set aside as rentals, developers told the Journal.

“Residential real estate is a really emotional process, and this eliminates the uncertainty for people,” Asher Abehsera, managing director at Two Trees told the Journal. “It becomes just a matter of paperwork since they’ve lived in the building.” [WSJ] — Guelda Voien


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Mayor Eric Adams (Photos by Paul Dilakian)
Eric Adams critiques DOB, wants to roll out “red carpet” for development
Eric Adams critiques DOB, wants to roll out “red carpet” for development
L-R: Douglas Elliman CEO Scott Durkin, Serhant CEO Ryan Serhant, Brown Harris Stevens CEO Bess Freedman, The Real Deal's Hiten Samtani (Photos by Paul Dilakian)
Top resi execs talk brand building, tech and politics at TRD NYC event
Top resi execs talk brand building, tech and politics at TRD NYC event
Southampton Village mayor Jesse Warren (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Southampton Village allows owners to collect summer’s rent upfront
Southampton Village allows owners to collect summer’s rent upfront
G4 Capital's Robyn Sorid and a rendering of 313-315 Bond Street (G4 Capital, LinkedIn/Robyn Sorid)
Rabsky Group scores $92M loan for big Gowanus project
Rabsky Group scores $92M loan for big Gowanus project
135 West 50th Street in Manhattan in NYC with George Comfort & Sons CEO Peter Duncan (Google Maps, George Comfort & Sons Inc.)
George Comfort & Sons inks 62K sf tenant in Midtown
George Comfort & Sons inks 62K sf tenant in Midtown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...