Is it really profitable for a property owner to agree to a lease and later have to fork out eviction costs and turnover expenses?
In a therealdeal.com article, both sides are explained in regards to concessions given by developers to new renters.
On one hand, concessions such as no fees (broker, leasing agent or otherwise), free month rent, free fitness center usage, free parking, construction concessions, etc. are great for the new tenant. It can also be great for business, if you get the right people. Welcome to the shadowy world of rental concessions.
Jed Walentas is CEO at Two Trees Management based in Brooklyn, New York. Two Trees Management owns, develops and manages residential, commercial and retail properties across Brooklyn and Manhattan. Two Trees Management is a family-owned real estate development firm, founded in 1968 by David Walentas and the late Jeff Byers. Two Trees has developed a portfolio worth more than $4 billion in real estate throughout New York City.
In the article, Walentas makes a wise point in his comment, “Filling buildings up with people that can’t really afford to be there is bad for everybody. We don’t want to fill the building up with people who are just there for the concessions and can’t really afford to be there when their lease is up, so we’ve changed that model a little bit.”
There doesn’t seem to be any sign of rental concessions slowing down. The article goes on to report that as of March 2017, there were 2,200 active listings in Manhattan offering either free rent or brokerage fees paid by the landlord.
One of the rentals included was apartments for rent near Chelsea NYC called EOS NoMad. Standing 47 stories tall, EOS NoMad is eco-friendly, pet-friendly and a no fee luxury apartment building. On some units, there is a free month of rent due to construction and calculated into the lease amount.
EOS NoMad has attracted the best of clientele and having a Nike-sponsored fitness center with an indoor and an outdoor pool helped plenty.
If you are planning to live in Chelsea, for sure, you will be able to enjoy several advantages.
Chelsea is located on the West Side of Manhattan, and is a neighborhood which contains the Chelsea Historic District and its extension.
It is considered the center of New York City´s art world, and you can find more than 200 small to midsize galleries in the area , such as the Gegoshian Gallery which showcases modern art and represents more than 40 artists and estates in contemporary art.
Chelsea’s name came from an Old English origin and the theory of its meaning is chalk landing place.
Chelsea Manhattan takes its name from a Federal –style house in the area which had been named after the manor of Chelsea at London.
The closest airport to Chelsea is La Guardia, in New York City. You can get there in just 55 minutes.
Although, this neighborhood is primarily residential with a mix of apartment blocks, town houses and city housing projects, it is just a few minutes away from the main New York City attractions.
Compared to other neighborhoods, Chelsea NYC no fee rentals can be found everywhere! So start searching now for your favorite place to move!
At Eosnomad.com you can find great residences, and I want to share one with you that I really loved.
This building is located at 100 West 31st Street, and promises residents a pleasant stay with exclusive amenities and awesome views.
Its residences come with a sophisticated design, fine furniture, premium finishes and fixtures.
You can find a two bedroom, two bath apartment which features Laundry in unit, dishwasher, microwave, North and East exposure, floor to ceiling windows and great views of the city for: $ 6134.
This property is close to the Flatiron district, so when you step out of EOS, this neighborhood awaits. jJust a few minutes away, you will be able to visit awesome locations such as Bryant Park, Chelsea and you can also find no fee rentals in the Flatiron District.
So, come on! Meet Chelsea and its surroundings, you will love this location and you will surely find amazing apartments to call home!