Developer to pay taxes for buyers of Manhattan condos

Toll Brothers' move to lure customers gives effective discount of 2.5 per cent

Published Thu, Feb 16, 2017 · 09:50 PM
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New York

LUXURY developer Toll Brothers Inc has a deal for those shopping for a condo in Manhattan: buy something soon, and we will pay the taxes on your purchase.

The publicly traded homebuilder is offering to pay the city transfer tax and the New York state "mansion tax" - an effective discount totalling almost 2.5 per cent - on deals made at three of its developments by Feb 20, the company said in a statement on Wednesday. The closing incentives apply to any apartment bought at Toll's under-construction projects at 100 Barrow St, in the West Village, and 55 West 17th St, in Chelsea. The deal is also being offered at the Sutton, a development in the East 50s, where sales began in early 2015.

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