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Free parking, paid closing costs, no taxes, oh my! As developers across New York City look to move new units amid an inventory glut, several new development buildings — particularly those in Brooklyn — are offering buyers a range perks.
A total of 22 new condo and co-ops buildings across the city with active sponsor unit listings are officially offering incentives, according to an analysis of StreetEasy listings from April 10. That’s about 15 percent of the new development projects currently selling.
More than half of the buildings offering incentives are in Brooklyn. CIM Group and LIVWRK, for example, are offering one year of free common charges at both their Front & York property at 85 Jay Street in Dumbo and at 111 Montgomery Street in Crown Heights, while ROART’s 77 Clarkson Avenue in Prospect Lefferts Gardens is offering a 5 percent closing credit.
While Brooklyn offered the most incentives, Manhattan’s were the most generous. Buyers at Forum Absolute Capital Partners’ 515 West 29th Street in Chelsea will get two years of free common charges. Meanwhile, Level One Holdings is offering to cover three years of real estate taxes at 10 Lenox Avenue in Harlem.