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The next big thing at Hudson Yards: free rent and no security deposits
Concessions are up on the Far West Side
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