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Toll Brothers to Pay Manhattan-Condo Taxes to Attract Buyers

  • Luxury developer offers to pay transfer and mansion taxes
  • Manhattan builders are contending with overcrowded market
Toll Brothers Inc. 100 Barrow Street residential building under construction in New York, on Aug. 17, 2016.
Photographer: Victor J. Blue/Bloomberg
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Luxury developer Toll Brothers Inc. has a deal for those shopping for a condo in Manhattan: buy something soon, and we’ll pay the taxes on your purchase.

The publicly traded homebuilder is offering to pay the city transfer tax and the New York state “mansion tax” -- an effective discount totaling almost 2.5 percent -- on deals made at three of its developments by Feb. 20, the company said in a statement Wednesday. The closing incentives apply to any apartment bought at Toll’s under-construction projects at 100 Barrow St., in the West Village, and 55 West 17th St., in Chelsea. The deal is also being offered at the Sutton, a development in the East 50s, where sales began in early 2015.