Two people rent to own at Northside Piers

Two families have signed up for the rent-to-own program at the Northside Piers condo in Williamsburg, at 4 North 5th Street, since developer Toll Brothers introduced it this fall. Rent-to-own programs allow potential buyers to lease a unit with the option of buying it later and putting a portion of the rent money towards the purchase price. Other buildings that have adopted the program include Sutton Manor at 411 East 53rd Street, 99 John Street and the Revere at 400 East 54th Street. Rent-to-own programs were also seen during the economic crisis in the late 1980s and early 1990s. The Real Deal looked at rent-to-own programs in its October issue.