Developers of 101 Wall -- a conversion of a lower Manhattan office building into 52 apartments starting at $1.18 million for a one-bedroom -- have been giving brokers $5,000 American Express gift cards when clients sign a contract, according to e-mails sent by Corcoran Sunshine, the firm marketing the project.
The incentive, initially offered on deals made before Memorial Day, has been extended at least twice and now ends on Labor Day. The developer, Claremont Group, didn’t return calls seeking comment on the promotion. A Corcoran Sunshine representative said it’s been successful.
The developers’ sales incentives will only go so far to help clear Manhattan’s “tremendous amount of overpriced inventory,” said Donna Olshan, president of Olshan Realty. Ultimately, what’s needed are deeper price cuts across the luxury market, she said.
“Things will sell, they’ll just sell at lower prices,” she said. “You can’t sit out there forever trying to sell one apartment a month.”
This article was provided by Bloomberg News.