Desperate Extell Offers to Waive up to 10 Years of Common Charges at One Manhattan Square

Posted on: April 11th, 2019 at 5:09 am by

Winds of change are blowing down on the Lower East Side waterfront. Extell appears desperate to sell condos at One Manhattan Square.

So much so that the 850-foot, 815-unit skyscraper has resorted to comping up to ten years of common charges for new residents. These fees range from roughly $700 to $2,300 per month, based on current real estate listings in StreetEasy.

According to an email publicizing the offer obtained by The Real Deal, prospective buyers who close by July 4 are exempt from common charges for five years on one-bedroom units; seven years on two-bedrooms; or 10 years on three-bedroom apartments. The new development also has a 20-year tax abatement, meaning buyers can expect to save between $12,720 and $31,150 in annual taxes, according to the email.

One thing is for sure – Extell sells hard on the amenities, which include a 100,000 square-feet of over-the-top indulgence. Such as such as an infrared sauna, 75-foot swimming pool, basketball courts, billiard room, two-lane bowling alley, squash court, and golf simulator.

Perhaps the three other waterfront developments currently under the microscope should likewise read the tea leaves. Building it doesn’t necessarily mean that they will come.

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