SEIDEN & SCHEIN, P.C. is one of New York’s top law firms, providing skillful representation in the development, buying, selling, leasing and financing of real estate.

Sponsor Incentives – An Offering or a Negotiation?

The New York City residential real estate market has been heating up since the beginning of 2021. What are condominium and cooperative sponsors doing to keep that momentum going?  Some sponsors are offering incentives to prospective purchasers––to induce them to buy apartments.  Incentives may include Sponsor-paid common charges, real estate taxes, transfer taxes and/or mansion tax. Such incentive offers are either made to the general public (“Across-the-Board Incentives”) or arise through negotiations with individual purchasers.