The Westlight, which began phased-in sales in November 2016 for its 71 condos, had buyers and agents camping out overnight to be among the first to place a unit under contract. Now, the Westlight has 15 units available for sale. Rather than lower prices to attract buyers, EastBanc, the developer of the Westlight, is offering a 12-month lease with an option to buy. Buyers must be qualified by a lender for the purchase when they sign the lease.
Condo models available for the lease-purchase arrangement include units with 2,220 to 3,000 square feet, three bedrooms and three bathrooms, priced from $2.625 million to $4 million; and a one-bedroom plus den and two-bathroom unit with about 1,380 square feet priced at $1.425 million. Monthly rents for the three-bedroom models range from $9,500 to $11,000, and the one-bedroom rent is $5,500.
Buyers will pay a nonrefundable fee, a security deposit and monthly rent for one year. If the buyers choose to finalize the purchase with a specified time period, 100 percent of the fee and 30 to 100 percent of the monthly rent is credited at the settlement, depending on how long the buyers have been renting. If the buyers settle between 91 and 180 days after the specified time period, 60 percent of the conversion fee and rent payments are credited. If the settlement takes place between 181 and 365 days after the specified date, 30 percent of the conversion fee and rent payments are credited. If the buyers decide not to purchase after the option period, the benefits are forfeited, but they can remain in the unit until the lease expires.
Some people have been hesitant to commit to buying because of doubts about the impact of the pandemic on the housing market, Mei-Mei Venners, director of sales of the Westlight, said in a statement. The lease-purchase arrangement may be a solution for someone who prefers not to liquidate assets when the stock market is volatile, she said.
The luxury building’s amenities include a 24-hour concierge service, doorman, porter, heated rooftop pool, rooftop deck, club room, business center and fitness center.