And you get an incentive! Extell offers to pay carrying costs at Brooklyn’s tallest tower

Buyers can get a 3-5 year break

TRD New York /
Dec.December 05, 2019 01:51 PM
Brooklyn Point at 138 Willoughby Street and Extell Development’s Gary Barnett (Credit: Alistair Gardiner for The Real Deal)

Brooklyn Point at 138 Willoughby Street and Extell Development’s Gary Barnett (Credit: Alistair Gardiner for The Real Deal)

Extell Development is offering yet another incentive for buyers — this time, in Brooklyn.

The developer will pay carrying costs for those who buy one- to three-bedroom units at its first Brooklyn tower, Brooklyn Point at 138 Willoughby Street. For one bedroom apartments, Extell will cover three years worth of charges, while buyers of two or three-bedroom units won’t have to pay for five years, according to the tower’s website.

But there’s a catch: Only those who officially agree to buy a unit on or before Dec. 31. will be eligible.

The temporary incentive follows several others Extell has offered at its other properties. Over the summer, the company pledged to pay common charges for up to 10 years at One Manhattan Square, an 815-unit tower on the Lower East Side. Extell also started a rent-to-own program to spike sales at the project.

Developers have increasingly employed new strategies to lure buyers in a sluggish luxury market. According to Douglas Elliman’s latest Manhattan sales report, the volume of luxury sales dropped 12.7 percent year-over-year to 261 sales in the third quarter of 2019. In Brooklyn, the number of luxury sales plunged 26.9 percent from last year to 236.

“Now is the time to buy. With a healthy economy, interest rates the lowest in history and strong demand, buyers should be taking advantage of today’s market conditions before it’s too late,” said a spokesperson for Extell. “Extell is in the unique position to be responsive to the market and offer different programs throughout our portfolio that will motivate buyers to act now.”

Brooklyn Point, designed by Kohn Pedersen Fox, topped out earlier this year at 720 feet tall. According to StreetEasy, there are 21 active listings in the building, whose prices range from $906,780 to $3.5 million. Closings are expected to begin in the first quarter of 2020.

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