Yesterday, in a post about the second Northside Piers tower being put up the Toll Brothers in Williamsburg, we noted that about two-thirds of the units had been sold. Now we know what will be happening with some of the remaining one-third: they're going to be rent-to-own. A tipster pointed us to a listing for Apt. 9G, a 3BR that has been on the market for $1,160,990 and is now renting for $5,200 a month. "We're so sure you'll love Waterfront Living between North 4th and 5th Streets, we'll even put money on it," the listing says. This is because it's part of a "special Ownership Advantage Program." What's that? "Every month 100% of your rent counts towards the purchase of your home*." Don't like 9G? Well, there's also 9D, a 2BR just down the hall for $4,500. Still not feeling it? How about 10E? It's one floor up and just $4,200. No? Well, then check out 24H. That's a 1BR waaay up high for only $2,900 month, all of which is applied to your purchase.*
It's always worth checking the fine print, so here goes:
If you choose to participate in our special Ownership Advantage Program, every month 100% of your rent counts towards the purchase of your home*. Try us for 6 months. You won't want to leave. *Program subject to change without notice and is for qualified buyers only. Mortgage payment based on 20% Down Payment, 30 year fixed rate at 7.00%. Rate and program in example available through TBI Mortgage. 100% of rent credited towards closing costs if tenant signs agreement of sale within first 6 months of lease and completes settlement within 60 days of signing agreement of sale. If agreement of sales is signed 6 to 10 months after lease, 50% of rental payments are credited towards closing costs. Rent to Own Program-Asking price for #9G is $1,160,990Happy renting-to-own, friends.
· 4 N. 5 Street Rent to Own Listings [Prudential Douglas Elliman]
· Construction Watch: Second Toll Northside Piers Tower Going Up [Curbed]