New York City is one of the most dynamic real estate markets in the world. With an everchanging market, we keep our pulse on what trends are emerging, and one of the most recent trends of 2023 is the return of concessions on new development sales and rentals. Concessions are financial incentives that developers offer to buyers and renters in order to make their units more attractive. Coming out of the Pandemic, concessions had seemingly vanished from the market, as developers were able to sell and rent their units quickly and often times at full price.
However, with the market normalization that has been occurring, developers are bringing back concessions in order to move inventory.
What Are Common Concessions?
There are a variety of concessions that developers may offer, both for buyers and renters. Some common concessions include:
Free or reduced closing costs
Free or reduced transfer taxes
Free sponsor’s attorney fee
Preferred mortgage rates if the developer has or is associated with a lending company
Free or reduced common charges for a specified timeframe
Free or reduced parking fees or deeded storage units
Free or upgraded finishes
Free rent – typically varies based on duration of the lease
If you are considering buying or renting a new development unit in New York City, be sure to reach out to us to discuss what Buildings are offering concessions. Typically, Developers do not make this information public, but as your Real Estate experts, we have access to industry information to help you secure the best deal. With negotiation, we can help you secure the best deal on your new home purchase or rental.
Buying or Renting a New Development Apartment in NYC
When buying an apartment in NYC, it is important to consider all of your options. One option is to buy a new development unit. New development units often offer a variety of amenities and features that are not available in older buildings. Additionally, new development units may be eligible for concessions, which can save you money on your purchase.
New Development buildings in the Hudson Yards neighborhood of Manhattan
NYC new development apartments offer a variety of advantages over older buildings. New development apartments are often built with the latest energy-efficient features and have state of the art amenity collections that enhance your everyday life such as fitness centers, swimming pools, spas, and rooftop terraces.
As you consider purchasing or renting new development in NYC, be sure to consult a local Real Estate professional. Our team of NYC real estate experts have helped multiple clients secure incredible deals on both sales and rentals in new development in this challenging market. You do not know want to be the prospect walking into a developer’s sales gallery or leasing office without an advisor on your side!
Advantages of Working with a Real Estate Agent
We have access to a wide range of properties that are not listed on the public market.
We help you evaluate the value of a property and make a competitive offer.
We negotiate with the Sponsor on your behalf to get you the best possible deal.
We help you to navigate the complex process of buying or renting a property in NYC.
The return of concessions in the New York City real estate market is a great opportunity for both buyers and renters. With the advice from and negotiation help of a real estate agent, you may be able to get a great deal on your new home that you would have otherwise not been aware of!
If you are interested in exploring New York City New Development currently on the market, get in touch with our team today.