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

Concessions are up on the Far West Side

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
(iStock)

Mortgage requests surge ahead of Thanksgiving

Mortgage requests surge ahead of Thanksgiving
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Photos via Foster + Partners and Getty)

Vanke seeks to remove RFR from Midtown condo project

Vanke seeks to remove RFR from Midtown condo project
Hippo founders Assaf Wand and Eyal Navon (LinkedIn)

Home insurance startup Hippo raises $350M

Home insurance startup Hippo raises $350M
Prices increased 6.6 percent year-over-year in September (iStock)

US home prices surged 6.6% in September

US home prices surged 6.6% in September
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
176 North 6th Street and 16 South Portland Avenue in Brooklyn (StreetEasy; Google Maps)

Brooklyn luxury market surges with nearly $73M in contracts

Brooklyn luxury market surges with nearly $73M in contracts
1045 Madison Avenue and 300 Central Park West (The Benson; Wikipedia Commons)

Manhattan luxury market shows signs of progress with 25 deals

Manhattan luxury market shows signs of progress with 25 deals
TikTok's biggest stars include (from left) Bryce Hall, Griffin Johnson, Addison Rae, Charli D'Amelio and Dixie D’Amelio (Getty)

Firm that manages TikTok party houses goes public

Firm that manages TikTok party houses goes public
arrow_forward_ios

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

Loading...