NYC Commercial real estate prices remain strong

According to the latest study from Ariel Property Advisors, the dollar volume of commercial real estate deals is up about 28% year to date over the same period in 2017. Additionally, 4 of the 5 boroughs are showing price increases in multi-family. Manhattan was up 16% price per unit versus last year. Only Brooklyn’s price per unit decreased.

This is consistent with what I am seeing which is continued foot traffic at my exclusives which include a 12 unit near Madison avenue in Central Harlem for $5.7 million and a 4500 sqft SRO in Mount Morris. Additionally, there is plenty of interest in 20-40 unit buildings Uptown with little inventory.

Commercial Observer 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.

146 West 121 street listed showings start today

146 West 121 street, a Harlem SRO building with 13 B rooms and 1 class A apartment is now back in the market after a deal had fallen through. The building comes with the certificate of non harassment, obtained in September of this year and 1 tenant who occupies 2 rooms on the 5th floor. The property is located in the Mount Morris Historic district and is 18′ wide with 5 stories.

Listing details

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.

NYC raids Atelier building in Midtown in attempt to crack down on illegal short term rentals

In the largest deployment yet, about 20 enforcement officers descended on the Atelier condo on West 42nd street and issued  27 summonses for illegal rentals to 20 different owners, including two members of their condo’s Board of Directors. The City is attempting to crack down on illegal rentals and this is the biggest effort yet but may been an indication of things to come. There is a new law that will force sites such as AirBnB to share the information of their hosts with the City which could go into affect as soon as February.

WSJ 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.

24 luxury contracts signed last week in Manhattan

24 luxury contracts were signed last week according to the Olshan Report. An 80th floor apartment in One57, Extell’s luxury tower on Billionaire’s Row went into contract after asking $19.9 million. A seller at 150 Charles managed a $4 million profit after buying his condo for just north of $12 million off floor plans back in 2012 as well.

TRD 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.

Harlem October Townhouse Market report

In the month of October there were 5 sales and 10 new listings. This is a dip from the last month when there were 20 new listings and almost no sales. The most expensive sale of the month was 123 W 120th street which a 4 family 20′ wide sold for $3.25 million down from it’s asking price of $3.75 million.

79 Harlem townhouse listings are available for sale and for the first time the under $2 million price range is seeing an increase. Last month there were only 5 listings under $2 mm and now there are 9 listings in that price range.

< $2 million 9
$2-$2.99million 38
$3.0-$3.99 million 23
> $4 million 9

134 days on the market is average for all Harlem townhouses. The number of months to absorb all of the inventory is 16 currently.

Harlem townhouse September report

Harlem townhouse August market report

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.

18 Harlem townhouse open houses set for Marathon Sunday

18 Harlem townhouses will be holding open houses tomorrow on Marathon Sunday with the hopes that not everyone will be looking for the best place to see one of the 50,000 or so runners tomorrow.

Prices range from $2,250,000 for an intact 3 family home to just north of $5mm so there seems to be an offering for all ranges.

Sunday November 4th Open houses

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.