A Texas Couple Attempt a Lease-to-Personal House on the Decrease East Aspect

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A Texas Couple Try a Rent-to-Own Apartment on the Lower East Side

Covid appeared to have created similar market conditions, so he looked online for developers who had similar offerings. As it turned out, its landlord, Magnum Real Estate Group, offered rental programs for unsold units on two of its developments, 100 Barclay and 196 Orchard.

Both developments were luxurious, especially when compared to the rental apartment they had lived in, and Mrs. Kimbro excitedly read the listings of the buildings. She was taken with a two bedroom apartment at 100 Barclay in TriBeCa. But it was a bit too luxurious, with a price tag of about $ 3.6 million.

Instead, they settled in a bedroom with a large private deck at 196 Orchard, a Lower East Side condominium that was completed in 2016 and is just around the corner from their old apartment.

$ 6,000 | Lower East Side

Own rent: For the first six months of the lease, 75 percent of their rent will be used towards the purchase price of $ 1.6 million. In the following six months the amount drops to 50 percent.
Occupation: Mr. Kimbro runs an import business. Ms. Kimbro, who worked as a nurse in Houston, now runs several e-commerce businesses.
New York versus Houston: "It's a compromise – 280 square feet is half the size of our Houston garage," said Ms. Kimbro. "On the other hand, it can take a few hours to get to a grocery store in Houston because of all the traffic."
Missing prepandemic New York: “I miss shopping. I don't buy, but I like to check out vintage shops, taxidermy shops, the Cloth Quarter, and Chinese shops that sell various stones, ”said Ms. Kimbro.
Why the Lower East Side: “I've been to tourist hotels in Midtown for years, but when they were all booked for Fashion Week or something, I had to book down here. I thought it was good that the people in the bodegas would know you, ”said Mr Kimbro.

The apartment, which is listed for $ 1.6 million, rents furnished for $ 6,000 per month, with 75 percent of the rent being used for the purchase price in the first six months and 50 percent in the next six months. If the couple chooses not to buy the device, there will be no money back and no option to renew.

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