Extell Unveils ‘Rent-to-Own’ Program at Failed One Manhattan Square Tower
One Manhattan Square announced its official completion and feted itself last night. But should it be celebrating? A condo-only tower it is not, instead resorting to a new rental initiative to drive sales. With a twist.
Extell Development Corp., whose PR vehemently denied offering any rental units in the 80-story “vertical village” when we first wrote about it in April, announced a new “rent-to-own” program yesterday. The move follows a string of desperate actions to attract buyers to its coastline property, including a summer 2019 pitch of ten years of common charges on the house.
In an email announcing the incentive, Extell boasted that prospective renters can apply a “full year’s rent” to their purchase of a unit in this towering behemoth on the Lower East Side waterfront. The “deal” is really an admission that sales are sour.
Indeed, property records indicate that, of the 815-unit total, Extell shifted a paltry 194 apartments for a total of $332.4 million since sales launched in 2016. There are currently 76 active listings on StreetEasy, including a $13.2 million penthouse marked as in-contract.
“We anticipate that after living at One Manhattan Square many will take advantage of this program and purchase in the building,” a spokesperson told The Real Deal in a statement.