You Can 'Rent-To-Own' A Luxury Apartment In Extell's Tower On LES

TWO BRIDGES, NY — Extell Development launched a "rent-to-own" program in its massive tower in Two Bridges.

The luxury One Manhattan Square has faced an uphill battle drawing the wealthier among us to snatch up condos in the building — following a citywide trend of empty pricey homes citywide.

To draw in prospective buyers, Extell's new program offers a year's worth of rent taken off the purchase price if you buy the condo within one year of moving in.

"Lease a luxury residence at NYC’s top-selling building and experience 100,000 square feet of amenities, endless views and the finest designed homes. Should you purchase your residence within 12 months, Extell will credit a full year’s rent towards your purchase price," the website reads.

The offer includes one-bedrooms starting about $4,000 a month. Two- and three-bedrooms range from about $7,000 to $10,000.

"We anticipate that after living at One Manhattan Square many will take advantage of this program and purchase in the building," an Extell spokesperson told The Real Deal, which first reported on the rent-to-own program.

The Lower East Side is a site of rapidly rising mostly-luxury buildings. Essex Crossing, a development which had about half of its units set aside at below-market-rate, has its last available multi-million-dollar condo in the development's first finished building. A housing lottery for nine affordable apartments at the former Moscot eye retailer site were recently up for grabs in an under-construction building that will feature another 18 luxury residences. A set of four supertalls nearby One Manhattan Square have also been proposed, though the future of those majority-market-rate structures is currently being battled out in the courts.