Manhattan Luxury Condo Sales Moving Slowly, Even With Freebies
- Extell’s incentives lure buyers, but many units remain unsold
- Firm built One57 on Billionaires’ Row, other high-end projects
This article is for subscribers only.
Extell Development gave Israeli investors a peek into how well its condos are selling in New York, and the message is clear: When trying to offload luxury apartments, throwing in concessions helps, but not enough to clear inventory in a market brimming with high-priced competition.
At the Kent, an Upper East Side building where Extell offered to pay up to five years of buyers’ common charges, five apartments sold or went under contract in the third quarter, according to a filing on the Tel Aviv Stock Exchange, where the developer sells debt. That was the most for a three-month period since the same quarter of last year, when seven homes at the Kent found buyers.