Lower East Side Residential Development Adapts to Market
NEW YORK, April 30, 2020 /PRNewswire/ -- Extell Development Company, a full-service real estate developer of residential, commercial and hospitality properties, announced today that in response to global conditions related to COVID-19, Extell will be offering price incentives on new contracts signed at One Manhattan Square. For a limited time, the remaining inventory at the luxury development will be discounted, some up to 20 percent. This new incentive is intended to spur sales velocity at the building, which also offers a 20-year tax abatement and low common charges.
"Sales velocity at One Manhattan Square has been consistently strong; however, given today's uncertainty, we felt that there was an opportunity to re-engage the market with price discounts on new deals," said Gary Barnett, Founder and Chairman of Extell Development Company. "While we have adapted to selling our residences through a virtual sales experience, we recognize that it is also important to incentivize our buyers with this program. Combined with low interest rates and a 20-year tax abatement, we feel this will make for a very compelling offering."
Pioneering a new era of luxury on the Lower East Side, One Manhattan Square features architecture by Adamson Associates Architects, complemented by custom interiors by Meyer Davis Studio. All of the residences, ranging from one- to three-bedrooms, are positioned to maximize panoramic skyline views. The building also offers 100,000 square feet of every conceivable indoor and outdoor amenity, as well as breathtaking 360-degree views of New York City.
"Many residents have moved in since the building opened last year and are extremely pleased with the product, amenities and lifestyle," added Barnett. "This price incentive creates a unique opportunity for buyers to invest in a home before the overall market rebounds."
In an effort to accommodate the changing real estate landscape, The Extell Marketing Team, the exclusive sales and marketing firm for One Manhattan Square, is fully equipped and available to accommodate virtual sales appointments. The sales team can offer prospective buyers a virtual look inside the building with tours of the residences, views, finishes, floor plans and amenities. This new pricing discount is for a limited time and only applicable to new contracts executed after May 1, 2020.
For more information or to set up an appointment, please email a sales representative at [email protected] or call 212.252.1560.
SOURCE Extell Development Company