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To Spur Sales During Luxury Market Lulls, Developers Adopt Rent-to-Own Programs

The Lower East Side condos at One Manhattan Square are providing people with a unique path to homeownership: rent one of the building’s residences now and purchase it later. The rent-to-buy program first rolled out in 2019, and now, select residences offer potential owners one-year rental contracts. Fortunately, the luxury homes are anything but a hard sell: “Most of the people see the value in this and they do opt in and move forward,” says Christina Medina, One Manhattan Square’s director of sales.

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