At more NYC condos, it’s rent before you buy
A growing number of would-be condominium buyers are renting in their prospective building before buying, the Wall Street Journal reported.
Condo-rental hybrids like the Aldyn, at 60 Riverside Boulevard, make this easier, the Journal notes. One resident, Sanjay Gupta, rented there before buying, which made the entire process easier, he told the Journal.”We already had a relationship going with the management so they made the transition to buying easier for us,” Gupta said. “We knew exactly what to expect with the apartment.”
Sometimes sponsors are also willing to rent out units before selling, or to sell units that had been set aside as rentals, developers told the Journal.
“Residential real estate is a really emotional process, and this eliminates the uncertainty for people,” Asher Abehsera, managing director at Two Trees told the Journal. “It becomes just a matter of paperwork since they’ve lived in the building.” [WSJ] — Guelda Voien