Hyde Midtown Offers Leaseback Program On Remaining Inventory
Hyde Midtown is on the home stretch toward opening day and making moves to ensure they achieve sold-out status prior to then. To set themselves aside from the competing buildings, Related Group is now offering a leaseback program to investors on select units. This guarantees the investor a 2 year lease at $3/square foot, starting from the day of closing.
The program appears to be working. Between the last quarter of 2016 and the first quarter of 2017, the project moved from 78% sold to 80%. As of today, 85% of the units have sold. To be fair, the increase in sales is not only due to the added incentive. The last quarter of 2016 was uncharacteristically slow. It all started with Hurricane Matthew distracting people from buying condos. As soon as Matthew passed, the storm that was the election delayed a rebound… then the holidays. Thankfully 2017 has brought increased traffic and the leaseback program is something that investors appreciate, as evidenced by the 20+ sales that have gone down in the last 2 months.
For buyers who are not investors, they also have programs that offer flexible deposit structures and a credit at closing for the first two years of HOA payments.
The project is co-developed by Related Group and Dezer Development and is set to open in October. It will bring 410 apartments, Hyde music lounge & piano bar, cuisine by SBE’s world renowned restaurant group, and a luxury spa and fitness center, among other amenities. We were able to go for a photo tour on the day they topped off. Have a look at the finishes here.
The units at Hyde Midtown are competitively priced as well. The remaining units include:
- Two story penthouse units with sunset views from $754,900.
- One and two bedroom units with sunset views from $459,900.
- Three bedroom corner units starting at $859,900.
Do you think they will ultimately sell out before opening day?