Luxury discounts keep coming as Toll Brothers holds sales event

NYC buildings with concession offers include the Sutton, 91 Leonard Street

TRD New York /
Jul.July 10, 2018 05:46 PM

A rendering of 91 Leonard Street and 959 1st Avenue (Credit: CityRealty)

Amid the landscape of concessions, Toll Brothers City Living is offering its own batch of perks for homebuyers this month.

Through its national sales event — running from July 7 to 29 — the luxury homebuilder is offering incentives for condominium units in New York and Washington, D.C., the company said in a statement Tuesday.

In New York, Toll Brothers City Living is offering to cover the transfer and mansion tax for units that are two bedrooms or larger at 55 West 17th Street, 100 Barrow Street, 121 East 22nd Street, the Sutton and 91 Leonard. At 1400 Hudson Street, Toll Brothers is giving $30,000 to $50,000 discounts on one- to three-bedroom apartments.

Toll Brothers is following a familiar trend of developers ramping up price cuts and perks to boost sales in a softer market. The company held a sales event last year as well — offering incentives on some of the same buildings.

The move comes as Manhattan’s luxury market has seen prices slide and sales slow. In the first quarter this year, the average sales price of luxury co-op and condo units was 15 percent lower than a year earlier, according to a Douglas Elliman market report. At the same time, sales volume tumbled 24 percent.

As high-end inventory remains high, developers coping with unsold units, which can mean steep discounts for buyers. Extell Development, for example, has offered price cuts and perks on sponsor units at One57. A recent buyer in the building snagged a 61st-floor unit for $23.5 million — 19 percent lower than the listing price.

Related Articles

157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*

53 West 53rd Street, 885 Park Avenue, 70 West 45th Street (Credit: StreetEasy)

Five priciest homes to hit the market last week all over $22M

118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years