All posts by Brian Silvestry

I have been in the real estate industry first as a licensed agent and as a broker since 1999. I have sold in every Manhattan neighborhood though do work a lot on the Upper west side where I live and upper Manhattan. I speak French,Portuguese, and Spanish.

Upper West side townhouse market report Fall 2018

The Upper West side townhouse market has been in a buyer’s market for the entirety of 2018. The last 4 months had 11 sales ranging from $3.8 million for a rent stabilized multi-family to a park block renovated 5 story townhouse at 31 W 89th street which sold during August for $13.3 million.

Current inventory stands at 60 townhouses/multi-family properties with the least expensive being for sale at $3.1 million for a 9 unit rent stabilized building on West 108th street near Riverside Park to 25.9 million for a townhouse at 248 Central Park west. Average days on the market for all Upper West townhouses is 230 days.

At the current pace it will take 22 months to sell off all of the existing inventory.

Below are the list of all the sales between August 1st and November 30th, 2018.

Number Street Apt_No NYC GLA Calc GLA Bldg Size Stories Units Lot Size Sale Price PPSFT Sale Date
310 W 82 ST 5100 17′ X 74′ 4 9 17′ X 102.17′ $3,800,000 $745 9/6/2018
219 W 78 ST 4692 20′ X 68′ 3 7 20′ X 102.17′ $4,100,000 $874 11/1/2018
117 W 78 ST 3400 16′ X 50′ 3 2 16′ X 102.17′ $5,000,000 $1,471 8/28/2018
49 W 94 ST 6060 20′ X 68′ 4 6 20′ X 100.67′ $5,900,000 $974 8/22/2018
220 W 83 ST 4500 25′ X 69′ 2 1 25′ X 73.58′ IRR $6,600,000 $1,467 8/16/2018
22 W 90 ST 5570 20′ X 67′ 4 10 20′ X 100.67′ $6,700,000 $1,203 11/9/2018
60 W 89 ST 6630 20′ X 67′ 4 9 20′ X 100.67′ $7,100,000 $1,071 9/13/2018
52 W 85 ST 6266 20′ X 70′ 4 1 20′ X 102.17′ $9,395,000 $1,499 11/7/2018
57 W 88 ST 7170 20′ X 72′ 4 7 20′ X 100′ $9,750,000 $1,360 8/30/2018
18 W 75 ST 6673 21′ X 80′ 5 10 21′ X 102.17′ $12,250,000 $1,836 11/20/2018
31 W 89 ST 6535 20′ X 70′ 4 10 20′ X 100.67′ $13,300,000 $2,035 8/7/2018

August Upper West side townhouse 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.

CPW Towers market update

CPW Towers, aka Park West Village, the 4 building condo development, that runs between West 97th street and West 100th street and between Columbus and Central Park west, has low common charges and taxes, making it an affordable option for buyers. As a result, inventory though it increased has remained low. 

The buildings are 372,382,392, and 400 Central Park west. All 4 buildings are condo, though separately managed, they become condo about 25-30 years ago and are postwar buildings with similar amenities. They all have access to the playground in the middle of the development, have available parking(waitlist), live-in-supers, on-site management, community rooms, 24 hour concierges, gyms and laundry rooms in the basement. 

See below tables for current availability by building and apartment size. 

BuildingAvailableIn contract
37241
38231
39244
40040
Active inventory by unit size
Studio(545 sqft)50
Studio(648 sqft)01
1 bedroom11
1 bedroom w terrace53
2bd/2ba31
>2bd/2ba10

CPW Towers July Market report

In another post, we will take a look at the sales data for the 4 buildings for the 2nd half of 2018. 

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.

16 Luxury contracts signed in Manhattan last week

16 Luxury contracts were signed last week for $4 million and up according to the Olshan Report. Luxury homes spent an average of 728 days on the market according to the report. The most expensive sales were a townhouse at 9 East 84th street which was asking $20.25 million and a penthouse at 56 Leonard which was asking $17.75 million. 

The 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.

23 Harlem townhouse open houses set for tomorrow

23 Open houses are set for tomorrow Sunday December 9th. 5 of the 23 offerings are for $2.5 million and less. 2 of the offerings are for $4 million and up. Very few properties have sold this year for $4 million and up. 

As of just days ago, the number of listings available for <$2 million hit double digits. List of open houses for Sunday December 9th

Harlem townhouse November report

West 147th street near St.Nicholas 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.

Harlem starter townhouse inventory increasing

The last two months showed inventory for below $ 2 million in the Central Harlem, Hamilton Heights market stay steady at 9 townhouses. This is nearly double the amount that was present in the market only two months ago of 5 properties. In the last 2 months, 2 sales were recorded under $2 million and one was an off market deal on Astor Row. If you take a closer look at the inventory under $2 million, you are seeing a fair amount of SROs: some with a certificate of no harassment and some without it. You are also seeing inventory with rent stabilized tenants or other tenancy that would complicate the conversion of a building.

With several townhouses on the cusp of asking under $2 million, it can be expected that these properties will lower their asking price and will see even more attractive offers in the coming months under $2 million. Now and in 2019, might be the most attractive time for a buyer to purchase their first townhouse in the Harlem market at a discount.

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 townhouse November market report

In November, there were 11 new listings in the Central Harlem, Hamilton Heights market and 3 sales. The 3 sales ranged from a South Harlem fixer-upper for $2.2 million to a Striver’s Row townhouse for just under $3 million.

Current inventory is 80 townhouses up from 79 in October.  The amount of time to absorb all of the existing inventory would be 27 months. Days on the market average for all active listings is 132 days.

< $2 mm 9
$2.0- $2.99mm 43
$3.0-$3.99 19
$ 4.0 mm + 9

 

Harlem townhouse October report

Harlem townhouse September 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.

400 Central Park west apt 12M Sold

A 1 bedroom, sponsor renovated unit was sold at the 400 Central Park west condo. The apartment featured a top of the line renovation by the contractor of the Sponsor and had southern views of Central Park. The sales price was $1,325,000 negotiated down from the ask of $1,345,000.  The listing broker was Douglas Elliman and the selling broker was BSRG Inc/ Brian Silvestry.

The 400 Central Park west condominium is a 400 plus unit full service building with resident’s lounge, private gardens, parking, storage, live-in-super and on-site management.

Link to 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.

21 Open houses for Harlem townhouses set for tomorrow December 2

21 townhouses in the Harlem area, are planning to be held open tomorrow. The least expensive is a 4 family on West 141st street for a reduced $1,850,000 and the most expensive is a large townhouse at 730 Saint Nicholas for $5,250,000.

Complete list of Harlem townhouse open houses here

 

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 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.