Latest Desperate Ploy at One Manhattan Square: Rent-to-Buy

DSC_0549

Here’s the latest evidence that all is not well at Extell’s One Manhattan Square.

The Real Deal reports that the developer is now offering a “rent-to-buy” program for condo units in the 80-story monstrosity where the Lower East Side’s Pathmark store was once located. According to an email from the sales team, renters will be able to apply a full year’s rent to the purchase of an apartment. A spokesperson for the developer said, “We anticipate that after living at One Manhattan Square many will take advantage of this program and purchase in the building,”

One-bedroom units start at $4,000/month or $1.209 million if you choose to eventually buy; two-bedroom apartments are listed for $7,500 a month or $1.895 million; three-bedroom units are $10,000 a month or $3.527 million.

It’s not the first time Extell has offered incentives for buyers at the 815-unit complex lurking over the Manhattan Bridge. In April, the developer promised 10 years of free common charges.  Sales began in the building in 2016, but as the New York Times reported last month, only about 20 percent of the apartments have been sold. As Curbed noted this week, 194 units have been sold with another 75 listed on StreetEasy and 43 for rent.