With rent prices declining in New York City, we’ve all heard about incentives for renters and brokers. This theme was highlighted in a recent NYTimes article entitled “A Month Free? Rents Are Falling Fast”. But what are some current deals that management companies have to offer? We looked at some of the popular luxury high-rises around the city and compiled a small list of the offerings! For the most up-to-date list, visit our no broker fee apartment site.
Some of the offerings are quite juicy [such as the 3-months free off 15-month lease – which turns out to be a hefty 20% discount!]. Other offerings are interesting, such as the Visa gift card and the 6-months free Gold’s Gym membership [my guess is that it’s worth ~2-3 hundred]. Finally, we’ve recently read that Stonehenge is offering a “Rock Solid Flexibility” option, which allows a renter to break their leases with 60 days of notice should they lose their jobs [this is hard to price… but certainly helpful]. However, be sure to calculate out the net effective rents [rents discounted by the incentives] to compare like-for-like.
Visit the RentHop.com main site to view available listings on the buildings!
Listings and their Management Companies
The list below shows either buildings or management companies in bold.
| Stonehenge Management | The Deals |
| Stonehenge Village | One month free + One month “OP” |
| Ritz Plaza [Midtown West] | One month free + One month “OP” |
| The Olivia | One month free OR One month “OP” |
| 100 John Street [Financial District] | Three months free + One month “OP” + 6 months free Gold’s Gym |
| The Marc [Midtown] | Three months free + One month “OP” |
| Equity Apartments | |
| Trump Place [Upper West Side] | One month free + One month “OP” |
| Hudson Crossing [Midtown West] | One month free + One month “OP” |
| 15 Park Row [Financial District] | One month free |
| Archstone | |
| Archstone Midtown West | One month free OR One month “OP” |
| Archstone Chelsea | Visa gift card equal to 1 month rent OR One month OP |
| Macklowe Properties | |
| RiverTower | One month free OR One month “OP” |
| 777 Sixth Avenue | One month free OR One month “OP” |
| Longacres House | One month free + One month “OP” |
OP for Renters
As you can see, most buildings are offering at least one month free on rents. Some offer this in addition to one month “OP.” OP stands for “owner pays,” meaning that the landlord will pay the broker fee [this is worth 1 month of rent]. Some buildings only offer “either-ors” on one-month free or the broker OP. In this case (and even in cases where you get one-month free “and” OP), you can ask your agent for a rebate. In fact, RentHop will be happy to direct you to someone who can negotiate if you’ve made up your mind. Shoot an e-mail to nofee@renthop.com. Be mindful however, that most non-independent brokers/salespeople split commissions with their sponsoring broker.
Note: Most of these should be accurate as of the post, but definitely call up the management companies in this case to double check. Email feedback@renthop.com to add companies to the list.
Editor’s Note: This article has been updated to enhance readability.
