21 luxury contracts were signed last week

Manhattan’s luxury market continues to record strong sales this spring with 21 contracts signed last week for properties at $4mm and above. Roughly half of those contracts were signed for downtown properties.

 

Real Deal 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.

 

189 Edgecombe avenue townhouse rented

The 2 family townhouse at 189 Edgecombe avenue has now rented. It has a garden apartment 1 bedroom with washer/dryer and a triplex apartment with 4 bedrooms and 4.5 bathrooms. The triplex rented for $6,100 and the garden apartment for $2,200. Both apartments rented within 2 weeks of being listed.

The house underwent a full, gut renovation and restoration which took just over a year to complete.

 

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 townhouse owners-understanding your property tax bill

NYC puts out a guide of how to understand your real estate tax bill of your property. It’s amazing how many NYC property owners do not understand their real estate property tax bill. In fairness, the system is very complicated and you might see two identical Manhattan townhouses with the same number of units yet radically different tax bills.

It is always advisable to consult with a real estate tax attorney before making any changes to your tax classification, and doing renovations especially alterations.

Generally speaking, your real estate tax bills will go up when you do an alteration to your building like changing the number of units or adding gross square footage. If you do not make a change to your building, there are caps on your assessed value which is the amount that your real estate tax bill is derived. For class 1 properties which are 1-3 family homes, it is 6% per year or 20% for 5 years. For tax class 2A (4-6 units), class 2B (7-10 units) the cap is 8% per year or 30% over 5 years. For properties that are class 2 (11 units or more) no cap exists which is one of the reasons a SRO building as classified by Department of Finance with 11 rooms(units) could see taxes climb steadily per year without cap.

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.

 

730 Saint Nicholas Historical home being converted to methadone treatment facility

730 Saint Nicholas,a home full of historical details, is being converted as of right by the owner, to an outpatient methadone clinic according to the West 147th street block association. Apparently, the center will service patients all day Monday through Friday and for a half day on Saturday. According to the Community Board meeting last week, Argus Community Ltd. the current owner,  does not need community approval to go forward with this plan. The home was purchased for just over $4 million only a few months ago.

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.

 

 

Thinking of selling your Manhattan property-Should you paint?

If you are going to be selling your Manhattan property and it’s been a number of years since you painted, and/or you had chosen a dark color, a paint job can really help to spruce things up. Choosing a light color like a designer white can help to brighten up a room or rooms and help to bring out the spaciousness of your offering. If you live in a building, it might be more frugal to have one of the handymen or super do it on his off time. But you will probably see a more favorable reaction from potential buyers with a fresh coat of paint.

Should you stage your apartment?

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.

Thinking of selling your Manhattan SRO-apply for CNH now

If you are thinking about selling your Manhattan single room occupancy(SRO), now is the time to apply for the certificate of no harassment. Changes are coming starting to the application process,in September. Suffice is to say that the City is expanding the program to encompass areas where tenants are susceptible to harassment in rapidly gentrifying areas like West Harlem, East Harlem and several parts of the Bronx. The new program will have a 5 year look back and will not just be for SROs but will include as well properties with a history of proven harassment as well as an expanded set of buildings in the pilot areas.

Continue reading Thinking of selling your Manhattan SRO-apply for CNH now

24 luxury contracts signed last week

24 Luxury contracts were signed last week for property $4mm and above in Manhattan. Discounts drove the action as the average discount from the listing price is over 10%. It’s not unusual that property owners who purchased in the last 3 years are selling at a loss in order to liquidate.

In other reports, rents are still trending down with concessions like free month’s rent and owner paid broker fees fueling activity especially in new developments where 90% of the apartments were rented with concessions. Just under half (44%) of the new leases signed in Manhattan in April included concessions.

Does it make sense for a Manhattan owner to pay the broker fee?

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.

Thinking of buying in a Manhattan building with a tax abatement expiring soon?

I am constantly searching for apartments for clients and occasionally come across buildings that are tax abated. Generally speaking apartments above 96th street had 20-25 year tax abatements and below 96th street the length of the abatement was only 10 years. As a result, in the last several years, the abatement is phased out, and the taxes go up substantially.

When the monthly numbers are lower, buyers will pay more for the apartment which helps developers of new condos make more profits. But how do you analyze the value of a condo with a tax abatement expiring shortly and how much time is enough that is left on a tax abatement?

Continue reading Thinking of buying in a Manhattan building with a tax abatement expiring soon?

Thinking of sprucing up your balcony?

If you are fortunate enough to have an outdoor space in your Manhattan property, you are truly one of the lucky few. Now that Spring is finally here, BuzzBuzzNews gives us 22 ideas of how to inexpensively take your balcony to the next level.

22 ideas to spruce up your Manhattan outdoor space

 

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