In the increasingly competitive game of buyer incentives, developers have many options: rent-to-own, covering the closing costs, tossing in free parking., etc. Or, there's what the developers of Harlem's Beacon Towers are doing, and that's getting straight to the point by handing out cold, hard, no-strings-attached cashola. The new eight-story building at 29 West 138th Street (comprised of 54 income-restricted and 19 market-rate co-op units) has started offering buyers a "stimulus package," which is a very stimulating $300 cash bonus paid each month for the first year of residency. Can the money be put toward the building's monthly maintenance charges? Sure! It can also be put toward bills, groceries, furniture, Yankees tickets, hookers or a big bag of weed. Great Hamilton Grange, what the heck is going on here?!
One of the Beacon Towers developers says in the press release, “With this stimulus package, we're giving buyers a little extra cushion each month, and encouraging them to use the bonus to pay for living expenses, which we hope they will spend in the local community." How thoughtful! In fact, as of this very moment Curbed would like all developers and landlords in New York to follow the lead of Beacon Towers. In turn, we pledge to prop up our local Momofuku Milk Bar and sneakers-based economies. The cash-back offer is good on units purchased by July 5, and prices currently range from $282,000 to $749,000 for the one- and two-bedroom apartments.
· End Times: Discount Rack Apartments Hit Open Market [Curbed]
· Beacon Towers [Official Site]