Manhattan market reports as of April 19

According to the latest market reports, the average listing price is down about 10% compared to last year, but 25 contracts over $4 million were signed last week. $849 million dollars of contracts have been signed in the $4million and up segment since the last week of March which is the best start of the Spring market since 2015. What do these seemingly differing numbers mean? The luxury/new development market has been in a buyer’s market for about 2 years now. As a result, the buyer and seller expectations are more inline with each other than lower price points. For the last year or so, new developments have been open to negotiations. Additionally, some projects have been paused or never got off the ground. So the existing inventory is being sold.

This is unlike the below $4 million price market where sellers’ expectations needs to adjust to the current reality and that they will not achieve the same prices that were reached a year ago. Manhattan buyer’s market tend not to last very long.

Additional data here

Broker confidence up according to latest study

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

 

Manhattan vacancy rate decreasing

According to a recent report, the Manhattan vacancy rate is decreasing even as approximately half of the apartments rented were rented with some sort of concession like free month’s rent. As inventory has increased in the last few years, landlords have adjusted their expectations and as a result the vacancy rate has decreased even in one of the slowest months of the year for Manhattan rentals.

Real Estate Weekly coverage

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Community Board turns down 128 West 119th street windows proposal

At the Landmarks committee meeting of Community Board 10 last night, the Community Board turned down the owners of 128 West 119th street who were looking to gain support for installing flat windows on the 2nd floor of the townhouse in the Mount Morris Historic district. At the meeting, the architect for the new owners cited cost as one of the obstacles to installation of the curved windows. The new owners received a bid that would add an additional $30,000 to the cost of the renovation just for the 3 windows. The Community Board and the Block association recommended that they request additional bids to install curved windows in the 2nd floor window. The 20 foot wide house was purchased one year ago for $2,795,000 according to public records. According to the architect, there are 12 townhouses on the block with a similar curved facade, and 9 of them have flat windows and 3 have curved ones.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Trader Joe’s Upper west side now has signage

The Trader Joe’s store that is being built at 670 Columbus avenue now has signage. Opening date to be determined.

Trader Joe’s has installed signage this week and will be located at 670 Columbus avenue

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

How can a landlord maximize the rent on a Manhattan studio apartment?

For many Manhattan landlords right now is a tough time to rent out apartments with approximately half the apartments being rented with some sort of concession like the owner paying the real estate fee or a free month’s rent. But what else can be done to maximize the rent for a small apartment? Here are a few quick tips.

1- Update the kitchen. If it’s a studio, a new kitchen can make a great deal of difference because most likely the living room and kitchen and together. Consider at least to change the refrigerator and perhaps add in a built in microwave for convenience. A dishwasher if there is space, is a luxury for a small apartment.

2- Install a washer/dryer in the basement of the building if there isn’t one already. Recently, I visited a brownstone where there was one washer and one dryer, coin operated I might add, in the cellar level shared by 6 apartments. This is a major luxury to have in a small building and will eliminate competition.

3- Add closets. Sometimes there is a place to add an additional closet or storage if the ceilings are high. More closets, and more storage is a major luxury. Sometimes you can add this space in the apartment and sometimes a storage locker in the cellar which is more of a condo amenity would really make you stand out from the competition and increase cash flow.

4- Make sure that you have a professional, tech savy Manhattan real estate broker who will at least have professional photos taken. Photos with a smart phone will just make small rooms look smaller. When I do a rental, I like to do professional photos and a floor plan. This really makes your listing stand out. See below link which was rented in 7 days. Recently rented apartment in Hamilton Heights

There are many other things that you can do to make your apartment, small or large, stand out and rent more quickly. Unfortunately, taking photos with a smartphone and putting it on the web is not enough these days especially due to all of the competition.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Mets pitcher Noah Syndergaard leases pad in 72 story luxury tower in Midtown

Mets pitcher Noah Syndergaard, aka Thor, is riding high these days due to his team’s current 9 game winning streak and major league best 11-1 record. When he wants to unwind however, he relaxes in the luxury apartment he just rented in Sky, a luxury rental building which has over 1000 units.  The building, with 70,000 square foot of amenities, has been the residence of choice for other local athletes including AJ Ramos and several New York Knicks players.

Curbed coverage

Sky website

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

29 Luxury contracts signed last week

Last week was another strong week of sales of Manhattan property listed at $4 million and above as 29 contracts were signed according to the Olshan report. The most expensive contracts were a couple of resales ,units 71A and 71B, at 432 Park avenue which were asking a combined $68.5 million, nearly $10 mm above their 2016 sold price.

This continues to show the dichotomy that is the Manhattan resale market. A recent report showed overall number of sales year over year is down but each week the $4 million and above apartments keep notching a steady amount of contracts. Interest rates rising, the recent tax reform and a very weak rental market are having a more pronounced effect on the lower end of the market than on the luxury sales. However, DOM continues to be at around 300 days for luxury and negotiation is the norm within the market of around 6% or so.

Read the full coverage

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

 

Central Park Tennis Center opening day Saturday April 14th

It does not seem that long ago that there was snow in Central Park but all of sudden it seems that Spring is here. So as a result, the Central Park tennis center is opening on Saturday April 14th. The weather is supposed to be 77 degrees!

 

Court conditions and updates 212-280-0205
Lessons 212-316-0800

Central Park Tennis center website

Current Manhattan residential market conditions

As days on the market increases for most residential real estate, the consensus is that the Manhattan residential market is in buyer’s market. New realities are setting in for sellers and not just in the luxury market but in all price ranges including starter homes. In 19 years of selling residential real estate, I have seen this cycle a few times already. The last time through, the market forces were accelerated by the financial crisis. This time around perhaps the winds behind the sails may be the tech bubble as well as the Tax Reforms and Jobs Act and rising interest rates.

But in any case, a buyer’s market tends to not last too long so while some buyers are waiting it out and deciding to rent instead, now maybe the time to make that purchase, knowing that finding the absolute perfect time to buy may be like trying to catch the bottom of the stock market. One thing is for sure is that with a little patience and good negotiation, a purchase now can lead to serious appreciation once the buyer’s market turns again into a seller’s market.

Also I think understanding that the Manhattan property values are not decreasing across all asset classes. Townhouses in Harlem continue to see steady sales and modest appreciation. Also, try finding a 6-12 family property for sale uptown with upside potential. There is very little for sale. In these markets both investors and end users are pouring in and there is a lack of inventory. Recently, I had a 8 family for sale at 313 W 138th street and there was a high level of interest and the property went to contract at over asking price within 1 month of listing.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

400 Central Park west 7K SOLD

A 1 bedroom, 1 bath south facing apartment at the 400 Central Park west condominium closed yesterday. The asking price was $1,255,000 and the sold price was $1,235,000. The apartment featured a 18′ south facing terrace with views just above the trees into Central Park. The sellers were longtime owners/investors in the building and had purchased the apartment 18 years ago.

The building has a full time concierge, live-in-super, on-site management, renovated gym, childrens’ playroom, residents’ lounge, storage and parking available both on wait-list.

 

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

 

News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker