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New owners and renters are signing discounted leases for Manhattan apartments

Attracted by near-record-low mortgage rates and relatively low prices, overall sales have increased in Brooklyn and Queens. The new market emerging could benefit first-time and move-up buyers, as well as renters seeking year-long leases. Every month since May, the real estate market has seen an increase in the number of contracts signed and more people who moved away from the city are finding ways to return.

Stefanos Chen, New York Real Estate is on the Mend, The New York Times, (Oct. 9, 2020).

Tags: Brooklyn, first time buyer, low mortgage rates, move up, Queens, sales increase