As interest rates drop, see NYC listings with interest rate buydowns to sweeten the deal

By CityRealty Staff | From Future New York Today, September 19, 2024

Yesterday, the Federal Reserve cut its benchmark interest rate by half a percentage point. With a cooling labor market and a recent rise in the national jobless rate, the Fed signaled the possibility of further cuts ahead. While rates remain double what they were in 2020, this reduction could encourage some hesitant buyers to take advantage of competitive pricing, negotiable sellers, and perhaps bring additional inventory onto the residential market.

Amid higher rates, an attractive strategy known as "interest rate buydowns" has gained in popularity. This approach allows sellers to lower a buyer’s mortgage rate by paying upfront fees. This can be achieved either through discount points, which provide a permanent rate reduction, or temporary buydowns, which lower the rate for a set period before it returns to the original rate.

While both options offer savings, buyers must fully understand the terms and trade-offs, particularly since temporary buydowns often require buyers to qualify based on the final, full rate. As the sales market becomes slightly more accessible, below is a roundup of available properties offering special incentives to make this period a more enticing time to buy a NYC home.

547 West 47th Street in Hell's Kitchen is one of several recently-finished condos offering interest rate buydowns to sweeten the deal (Concrete)

Active Listings With Interest Rate Buydowns or other Special Incentives

860 Grand Concourse, #6F
$429,000 (-8.7%)

Mott Haven | Cooperative | 2 Bedrooms, 2 Baths

Incentive: Ask About Owner Financing Options At A Low Interest Rate!

860 Grand Concourse, #6F (Bank Neary Inc)

From the Listing: Yes, finally, there IS a renovated prewar, art deco, two-bedroom, two-bathroom home in a landmarked doorman building on the famed Grand Concourse. Rarely available and highly coveted, this perfectly-laid out apartment is in mint condition and ready for you to move right in. See floor plan and full details here.

800 Ocean Parkway, #6C
$459,000

Borough Park | Cooperative | 2 Bedrooms, 1 Bath

Incentive: This Unit Is Approved For A 1st-Time Homebuyers Program. First Time Buyers May Qualify For A Loan With A 5.625% Fixed Interest Rate For 30 Years.

800 Ocean Parkway, #6C (Corcoran Group)

From the Listing: Welcome to 800 Ocean Parkway Unit 6C, an exceptional co-op apartment located on a beautiful tree-lined block of Ocean Parkway. This 2-bed, 1-full-bath apartment with a balcony boasts a spacious and inviting layout, making it the perfect place to call home. See floor plan and full details here.

The Luxe, #3G
$510,000 (-1.9%)

Midwood | Condominium | 1 Bedroom, 1 Bath

Incentive: Take Advantage Of This Limited-Time Offer! Buydown Of Mortgage Rates Included! Enjoy The Benefits Of A Reduced Interest Rate.

The Luxe, #3G (Corcoran Group)

From the Listing: The Luxe Condominium 1673 Ocean Avenue offers a lot. Beautiful all white kitchen with modern appliances, spacious living room with access to your Juliet balcony, a home office/recreation/guest area with closet space, a spacious bedroom with a walk-in closet, washer and dryer in the unit. See floor plan and full details here.

820 Ocean Parkway, #417
$525,000

Borough Park | Cooperative | 2 Bedrooms, 2 Baths

Incentive: First Time Buyers May Qualify For A Loan With A 5.875% Fixed Interest Rate For 30 Years.

820 Ocean Parkway, #417 (Corcoran Group)

From the Listing: Welcome to 820 ocean Parkway unit 417! A very large and sunny two-bed co-op on a tree-lined block of Ocean Parkway. Upon the entrance, you are greeted by Versailles pattern limestone throughout the dining and living room area. The luxuriously Costume kitchen offers India-imported Marble countertops, rich wood kitchen cabinets, under-cabinet LED lighting, two separate sinks & faucets, and brand-name stainless-steel appliances. See floor plan and full details here.

161 West 16th Street, #9C
$745,000 (-3.9%)

Chelsea | Cooperative | Studio, 1 Bath

Incentive: Purchase This Home With An Interest Rate That Is 2% Below Market Prevailing Rates.

161 West 16th Street, #9C (Corcoran Group)

From the Listing: Experience luxury living at 161 West 16th Street in the heart of Chelsea. Residence 9C is a meticulously renovated Junior 1-bedroom with northern exposures. The formal entry foyer features an exposed iron door, spacious coat closet, dressing room with abundant storage, and a newly renovated bathroom with a glass stall shower, white subway tile, mosaic accents, recessed lighting, vanity, and medicine cabinet. The bright living room, with newly finished hardwood floors and beamed ceilings provides ample space for entertaining. See floor plan and full details here.

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Kensington Manor, #207
$749,000

Kensington | Condominium | 2 Bedrooms, 2 Baths | 772 ft²

Incentive: This Building Is Approved For a 1st-Time Homebuyers Program. First Time Buyers May Qualify For A Loan With A 5.625% Fixed Interest Rate For 30 Years.

Kensington Manor, #207 (Corcoran Group)

From the Listing: Unit 207 at Kensington Manor is a spacious and inviting 2-Bedroom 2-Bathroom layout that features an L-shaped open kitchen leading to an expansive living/dining area with west-facing exposure. The primary bedroom features an en-suite bath and a private balcony. Both bedrooms are on opposing sides of the unit, adding privacy, and are generous in size, offering ample closet space. E See floor plan and full details here.

419 Herkimer Street, #PHF
$749,000 (-9.2%)

Bedford-Stuyvesant | Condominium | 1 Bedroom, 1 Bath | 722 ft²

Incentive: Tax Abatement Through 2030 and Eligible for a Mortgage Rate As Low As 4.25% Or Up To 2% Interest Rate Reduction

419 Herkimer Street, #PHF (Corcoran Group)

From the Listing: 419 Herkimer Street is a beautiful and bright one-bedroom + office/den duplex apartment approx 722SF with 2 private outdoor spaces in the heart of booming Bed-Stuy. On the first level of this like-new condo is an open-concept living/dining area, a bedroom with large windows featuring custom blinds, and a fully loaded kitchen with Bosch and Blomberg appliances. See floor plan and full details here.

547 West 47th Street, #315
$785,000

Midtown West | Condominium | Studio, 1 Bath | 491 ft²

Incentive: Inquire About Our Studio and Select 1Br Rate Buy-Down Program

547 West 47th Street, #315 (Corcoran Sunshine Marketing Group)

From the Listing: Residence 315 is a perfectly designed 491 sq. ft. studio residence with west exposure, bringing incredible light into the living space. The galley kitchen features dramatic marble countertops and backsplashes, custom cabinetry with ample storage, and appliances by Miele and Bosch, creating a generously sized kitchen not common for studio residences. See floor plan and full details here.

2025 Ocean Avenue, #4B
$850,000

Midwood | Condominium | 3 Bedrooms, 2 Baths | 1,470 ft²

Incentive: This Building Is Approved For a 1st-Time Homebuyers Program. First Time Buyers May Qualify For A Loan With A 5.875% Fixed Interest Rate For 30 Years.

2025 Ocean Avenue, #4B (Corcoran Group)

From the Listing: Welcome to 2025 Ocean Avenue a perfectly scaled collection of 1-bedroom, 2-bedroom, and 3-bedroom residences. Located in Midwood, just minutes away from Kings Highway's active shopping corridors. Enjoy all of the luxuries of new construction as well as the comfort and convenience that is offered by this neighborhood. Unit 4B is a spacious and inviting 3 bedroom / 2 bathroom layout with not one, but 2 private outdoor spaces See floor plan and full details here.

The Rennie, #614
$945,000

Harlem | Condominium | 2 Bedrooms, 2 Baths | 903 ft²
Incentive: Interest Rate Buy Down Options

The Rennie, #614 (Brown Harris Stevens Development Marketing LLC)

From the Listing: Settle into the Harlem Beat with this bright, chic 2 bedroom home facing a quiet, landscaped courtyard. Gorgeous picturesque windows with lovely sills frame views of a Historical Neo-Gothic limestone church, elevating the ambiance inside your home. Gray oak floors are featured throughout, complementing the natural light that fills the spacious home. See floor plan and full details here.

The Kent, #401
$999,999

Clinton Hill | Condominium | 2 Bedrooms, 2 Baths | 950 ft²

Incentive: Favorable 5.625% Interest Rate by our Preferred Lender Plus, 10% Down Offers Accepted

The Kent, #401 (Compass)

From the Listing: Easily converted to a two-bedroom, residence 401 is currently configured as a spacious one-bedroom. Spanning nearly 1000 square feet, this spacious light-filled loft one-bedroom (or flex two-bedroom) residence boasts soaring 12-foot ceilings and an open living and dining area, perfect for both relaxation and entertaining. See floor plan and full details here.

Millennium Tower Residences, #26D
$1,075,000 (-6.5%)

Battery Park City | Condominium | 1 Bedroom, 1.5 Baths | 875 ft²

Incentive: Possible Seller Buydown Rate Available To Qualified Buyers!

Millennium Tower Residences, #26D (Corcoran Group)

From the Listing: High Floor, spacious, southeastern facing, one bed, one and a half bath condo with 9 ft ceilings and open city views along with partial Battery Park and Harbor views now available for purchase at Millennium Tower Residences. The airy, pre-wired living room has beautiful Brazilian cherry wood nailed-down flooring and floor-to-ceiling windows. See floor plan and full details here.

Fabric Astoria, #406
$1,095,000

Astoria/LIC | Condominium | 2 Bedrooms, 2 Baths | 956 ft²

Incentive: Interest Rate As Low as 4.75% – Astoria’s Latest 20 Year Tax Abated** Condominium.

Fabric Astoria, #406 (MNS)

From the Listing: Discover everything you desire in your new condominium with this carefully designed 2-bedroom layout. Featuring split bedrooms and an open kitchen, living, and dining concept, this expansive residence also includes an en-suite primary bathroom and floor-to-ceiling windows, offering a truly remarkable living experience. See floor plan and full details here.

Arbor, #PH9C
$1,199,000

Kensington | Condominium | 3 Bedrooms, 2 Baths | 1,233 ft²

Incentive: First Time Buyers May Qualify For A Loan With A 5.625% Fixed Interest Rate For 30 Years

Arbor, #PH9C (Corcoran Group)

From the Listing: Welcome to residence PH9C, a stunning three-bedroom, two-bath with floor-to-ceiling East and South exposures that fill the home with abundant natural light. As you enter through the gracious foyer, you'll immediately be struck by the spaciousness of the great room, perfect for entertaining guests or simply relaxing in style. The open-concept design of the large L-shaped kitchen is perfect for culinary enthusiasts, as it effortlessly flows into the dining and living areas, making entertaining a breeze. See floor plan and full details here.

328 Grand, #4A
$1,329,000

Lower East Side | Condominium | 1 Bedroom, 2 Baths | 910 ft²

Incentive: Sponsor Offering To Buy Down Points! 5.875% Interest Rate Available To Qualified Buyers!

328 Grand, #4A (Real New York)

From the Listing: Residence 4A is a pristine one bedroom (can be converted into a legal two bedroom), two full bath home, featuring 11 ceilings, dual south and northern exposures, with two balconies bookending both sides of the unit. Upon stepping into the residence from direct elevator access, you are greeted by an open-concept living room boasting hardwood floors with expansive floor-to-ceiling windows.UAL HOUSING OPPORTUNITY. See floor plan and full details here.

Stratford Terrace, #PH5
$1,650,000

Flatbush | Condominium | 3 Bedrooms, 2.5 Baths | 1,430 ft²
Tax & Common Charge Incentive! The Real Estate Taxes & Common Charges Include 50% Off For 2 Years!

Stratford Terrace, #PH5 (REAVIS PARTNERS LLC)

From the Listing: Introducing this magnificent penthouse boasting two massive terraces and arched windows in the sought-after Ditmas Park neighborhood. Spanning 1,430 square feet with 3 bedrooms and 2.5 bathrooms, this brand-new condo offers incredible natural light and a luxurious indoor-outdoor lifestyle. The terraces total 1,706 square feet with gas, water, and electric hookups. The main terrace off the living space stretches 58 feet in length and is ideal for grand alfresco dinners, grilling, and entertaining. The secondary terrace is only accessible via the primary and second bedrooms, giving it more privacy. See floor plan and full details here.

218 Classon Avenue, #2A
$1,850,000

Bedford-Stuyvesant | Condominium | 3 Bedrooms, 2 Baths | 1,412 ft²
Incentive credit provided by Sponsor: Credit is in the amount of 50% of the first year annual tax bill

218 Classon Avenue, #2A (Nest Seekers LLC)

From the Listing: A sublime Clinton Hill lifestyle awaits in this stunning 3-bedroom, 2-bathroom floor-through condo crafted for effortless modern living. Interiors feature stylish finishes, a thoughtful layout, and integrated smart home technology. Highlights include wide plank hardwood floors, central heating and cooling with linear diffusers, built-in speakers, high-end lighting, and floor-to-ceiling windows that let in abundant natural light. The home comes with a private covered terrace and a washer/dryer. See floor plan and full details here.

The Deuce, #Ph8
$2,200,000

Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 2,157 ft²

Incentive: 5% Interest Rate With Seller Financing Available To Qualified Buyer(s)

The Deuce, #Ph8 (Bond New York Properties LLC)

From the Listing: Welcome to this luxurious 2,157 sq. ft. duplex penthouse residence in the heart of Hells Kitchen with an additional 579 sq. ft. of total outdoor space. Spanning two entire floors, plus a private roof deck, this expansive home offers unparalleled privacy and space. See floor plan and full details here.

One Manhattan Square, #54D
$2,500,000 (-2%)

Lower East Side | Condominium | 2 Bedrooms, 2 Baths | 1,164 ft²

Incentive: Mortgage Interest Rate Buy Down Available | $24/ Monthly In Taxes.

One Manhattan Square, #54D (EXP Realty NYC)

From the Listing: Residence 54D is a 1,164 square foot two bedroom, two bathroom with an open gourmet kitchen and breakfast bar. This spacious corner residence faces South East and North East with views of the city’s skyline, Empire State, East River, and Manhattan Bridge. See floor plan and full details here.

The Bryant, #25A
$4,995,000

Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 1,650 ft²
Incentive: Reduced Prices. No Common Charges for 12-months. Reduced Closing Costs.

The Bryant, #25A (Corcoran Sunshine Marketing Group)

From the Listing: Located high above vibrant Bryant Park in the heart of New York City, this park-facing corner two-bedroom residence, designed by Pritzker Prize-winning David Chipperfield Architects, wraps the northwest corner with eleven floor-to-ceiling windows. At 1,650 sq. ft., this home offers an expansive split bedroom floor plan with an abundance of natural light and incomparable views over Bryant Park through full-to-ceiling double-paned glass doors with Juliet balconies. The custom marble terrazzo facade transitions seamlessly into the interiors, creating crisp architectural frames to the windows and a border for the heated oak herringbone floors. See floor plan and full details here.

69 West 83rd Street, #TH
$10,500,000

Central Park West | Townhouse | 5 Bedrooms, 6+ Baths | 7,320 ft²

Incentive: Owner Financing Assistance Available At 4.75% Interest Rate

69 West 83rd Street, # (Leslie J Garfield & Co Inc)

From the Listing: Located on a picturesque tree-lined block, 69 West 83rd Street is a beautifully renovated single-family Queen Anne style townhouse designed by the architects D & J Jardine and built in 1885. This home seamlessly blends historic townhouse charm with modern aesthetic and conveniences. Features include 7,320 s.f.of living space, seven floors, well-proportioned living and dining rooms, five bedrooms, a private garden, terrace and roof deck, a penthouse, and state-of-the-art audio and security systems. See floor plan and full details here.

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In this article:

Active Listings With Interest Rate Buydowns or other Special Incentives

860 Grand Concourse, #6F
$429,000 (-8.7%)

800 Ocean Parkway, #6C
$459,000

The Luxe, #3G
$510,000 (-1.9%)

820 Ocean Parkway, #417
$525,000

161 West 16th Street, #9C
$745,000 (-3.9%)

Select which properties are of interest to you:

Kensington Manor, #207
$749,000

419 Herkimer Street, #PHF
$749,000 (-9.2%)

547 West 47th Street, #315
$785,000

2025 Ocean Avenue, #4B
$850,000

The Rennie, #614
$945,000

The Kent, #401
$999,999

Millennium Tower Residences, #26D
$1,075,000 (-6.5%)

Fabric Astoria, #406
$1,095,000

Arbor, #PH9C
$1,199,000

328 Grand, #4A
$1,329,000

Stratford Terrace, #PH5
$1,650,000

218 Classon Avenue, #2A
$1,850,000

The Deuce, #Ph8
$2,200,000

One Manhattan Square, #54D
$2,500,000 (-2%)

The Bryant, #25A
$4,995,000

69 West 83rd Street, #TH
$10,500,000

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Active Listings With Interest Rate Buydowns or other Special Incentives

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