Beleaguered One Manhattan Square Slashes Prices 20% Amidst COVID-19
Already in a crunch before COVID-19 came ashore, Extell is now resorting to further desperate measures at the gargantuan One Manhattan Square.
For a “limited time,” the large quantity of unsold inventory at the luxury development is discounted up to 20-percent. What the PR spin-doctors are calling a “price incentive.”
This new incentive is intended to spur sales 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,” Gary Barnett, Founder and Chairman of Extell Development Company, said in a public statement.
Hardly. As of late last year, Extell shifted a paltry 194 apartments (out of 815) for a total of $332.4 million since sales launched in 2016. They’ve tried various incentives over the years to lure buyers, the latest of which was a rent-to-own scheme. This is no different.
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