75 Wall Street Unveils Rent-To-Own Program
By Anuradha Kher, Online News EditorNew York–75 Wall Street, a 346-unit condominium project in Manhattan’s Financial District is now offering a Rent-To-Own Program, which allows buyers to rent at 75 Wall Street and apply a year’s rent toward the purchase price of the unit.178 units sold at this property were sold prior to the launch…
By Anuradha Kher, Online News EditorNew York–75 Wall Street, a 346-unit condominium project in Manhattan’s Financial District is now offering a Rent-To-Own Program, which allows buyers to rent at 75 Wall Street and apply a year’s rent toward the purchase price of the unit.178 units sold at this property were sold prior to the launch of this program two weeks ago. “Under this new plan, there are already 15 deals pending,” Larry Kruysman, sales director at 75 Wall Street, tells MHN. “The market has of course slowed down, but the biggest problem is that people are finding it very hard to obtain financing. We wanted to see what we could do so that more people would qualify for purchase. “This built-in savings plan will not only accelerate a buyer’s ability to own a home by saving rent payments that would otherwise be lost, but also will allow them to live in their chosen home while making the decision to purchase.”Units at 75 Wall Street range from $630,000 for studios to $8 million for a four-bedroom penthouse. The rents will be the same as other market-rate units in the neighborhood, starting at $3,500 with two month’s rent free as a concession. “It’s a maximum 14-month lease and our intention is to sell the building, so at the end of the lease, if the individual does not want to buy the unit, they will have to leave,” says Kruysman. “The rent is about 5 percent of the value of the condo, so they will have to put down about 10 percent in downpayment at the end if they choose to buy,” he adds. Condos at 75 Wall Street feature 10-ft. ceilings, large picture windows and oak floorings, as well as Boffi kitchens and spa-like baths. Amenities include a cardio fitness center, massage treatment room, media room with video/TV projection and a dedicated game room as well as a rooftop terrace and lounge on the 42nd floor featuring a solarium and lounge, hot tub, hammocks and barbecue grills.