The Real Deal New York

Luxury discounts keep coming as Toll Brothers holds sales event

NYC buildings with concession offers include the Sutton, 91 Leonard Street
By Meenal Vamburkar | July 10, 2018 05:46PM

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.