The next big thing at Hudson Yards: free rent and no security deposits

Concessions are up on the Far West Side

TRD New York /
Nov.November 29, 2017 08:33 AM

Manhattan West

New York’s luxury rental market slowdown is making itself felt on Manhattan’s Far West Side.

As of July, Brookfield Property Partners was offering three months free rent on a 26-month lease and two months free on a 14-month lease at its 844-unit Rental Tower The Eugene On West 31st Street, Crain’s reported. That’s up from two months and one month in March, when leasing at the new development first launched. The landlord also offered to waive the security deposit and pay the broker fee.

Other nearby high-end rental developments — Extell Development’s 555Ten, Lalezarian Properties’ 507 West Chelsea and Imperial Companies’ Henry Hall — are also offering incentives to prospective tenants.

The uptick in incentives follows a city-wide trend, as developers grapple with a surge in high-end rental supply over the past two years.  [Crain’s]Konrad Putzier


Related Articles

arrow_forward_ios
Authentic Brands Group CEO Jamie Salter with Brooks Brothers, J.C. Penney, and Aeropostale stores (Getty)

Mall owners team up with “dead-celebrity dealmaker” but can they rescue moribund retailers?

Mall owners team up with “dead-celebrity dealmaker” but can they rescue moribund retailers?
394 Vanderbilt Avenue (Douglas Elliman)

As weather heats up, Brooklyn luxury market doesn’t

As weather heats up, Brooklyn luxury market doesn’t
The threat of eviction hangs heavily above immigrant families who have lost work as a result of the coronavirus pandemic. (Getty)

Eviction bans don’t always protect the most vulnerable

Eviction bans don’t always protect the most vulnerable
Seth Campbell (iStock)

Keller Williams to cut ties with top franchise owner following sexual harassment allegations

Keller Williams to cut ties with top franchise owner following sexual harassment allegations
Ghost Towers

NYC’s ghost towers: How many Manhattan luxury condos are owned by people who don’t live there?

NYC’s ghost towers: How many Manhattan luxury condos are owned by people who don’t live there?
Manhattan homes flooded the market last week but buyers are nowhere to be found 

Manhattan homes for sale nearly doubled last week

Manhattan homes for sale nearly doubled last week
Competition for affordable housing in New York City is highest among those who need affordable housing most (Getty, iStock)

Poorest face worst odds in city’s housing lotteries

Poorest face worst odds in city’s housing lotteries
511 Macon Street and 70 Washington Street in Brooklyn (Courtesy Compass; Streeteasy)

Brooklyn’s luxury market slumped as in-person showings began

Brooklyn’s luxury market slumped as in-person showings began
arrow_forward_ios

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

Loading...