If you’ve been on the fence about buying an apartment in New York City, this might be your moment.
With inventory rising in several boroughs and competition heating up, sellers—and even some developers—are sweetening the deal with concessions like paid closing costs, mortgage rate buy-downs, and more. These perks can make a big difference in a high-stakes market like ours.
What Are Concessions and Incentives?
In real estate, a concession is something a seller gives up or agrees to in order to close a deal—like covering your closing costs or offering a credit for repairs. An incentive, on the other hand, is a benefit offered up front, usually by developers or building sponsors, to attract buyers.
Some common examples include:
· Closing cost assistance
· Mortgage rate buy-downs
· Discounted prices
· Upgraded appliances or finishes
· Prepaid common charges or tax abatements
· Minor repair credits or allowances
These offers are especially helpful for NYC buyers trying to stretch their budget. As the National Association of Realtors puts it:
“. . . they can help reduce the upfront costs associated with purchasing an apartment.”
NYC Developers Are Getting More Flexible
This trend isn’t just happening in other markets—it’s showing up here, too. Across the city, developers are increasingly open to negotiation, particularly on new development units that have been sitting unsold.
According to industry insights from Zonda:
“Incentives continued to be popular in March, offered by builders on 56% of to-be-built homes and 74% of quick move-in homes…”
Translation for NYC? That shiny, never-lived-in apartment might come with a few unexpected bonuses—especially if it’s been on the market for a while.
And builders aren’t just offering perks—they’re adjusting pricing too. Roughly 30% of developers lowered prices earlier this year. While many are still holding firm, that openness to deal-making could work in your favor.
Resale Apartment Sellers Are Playing Ball, Too
This shift isn’t limited to new construction. More resale apartments are coming to market, and sellers are starting to feel the pressure. In fact, over 44% of sellers offered concessions to buyers as of March.
That could mean anything from covering your legal fees or inspection costs to throwing in high-end appliances or offering a credit toward your renovation plans.
While these concessions might not sound dramatic, they can ease your upfront burden significantly—especially considering NYC apartment prices have climbed over 50% in the past 5 years in some neighborhoods. Sellers still have room to profit while helping buyers get across the finish line.
Bottom Line
Whether you’re eyeing a brand-new condo in Long Island City or a classic co-op on the Upper West Side, this is a moment where buyers can negotiate—and win.
If you're wondering how to navigate this opportunity, contact me today. Let’s talk about what kind of incentives are realistic in your preferred neighborhood, how to make your offer stand out, and how to make sure you get the most value for your investment.
Because in this market—Who You Work With Matters.
