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.

Manhattan luxury rents increasing

The Manhattan rental market is now becoming the dichotomy that the sales market has been for the last few years. The luxury rental market is surging in value due to more buyers turning into renters. While the luxury sales market has been in a buyer’s market for the last 3 years,some buyers have paused and decided to rent instead. Also, as a result of the uncertainty of the recent federal tax reform, anecdotal evidence suggests that the Manhattan luxury sales market didn’t do well in November,December as the Manhattan luxury rental market surged in January.

On the other hand, the median Manhattan rental, of $3275 is dipping in price. New inventory and the market cycle has led to nearly 50% of the apartments being rented with a concession like the owner paying the real estate broker or a free month’s rent.

Manhattan luxury rental market report

General rental market conditions

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

 

Waterline Square 20% sold

by  Brian Silvestry

The final phase of the Riverside South project that started in 1974 is due to complete construction in late 2019. The 3 buildings will be a mix of rentals and condos with an amenity space that includes a tennis court, and a swimming pool. The developers have a food hall by the Cipriani Group that will take up a portion of the retail and a park in between the starchitect designed buildings known as 1,2 and 3 Waterline Square. Prices start at $1.83 million.

Bloomberg Coverage

First time buyer in Manhattan?

Here are some basic steps in purchasing a Manhattan apartment for the first time.

1- Decide on a Manhattan neighborhood

2- Get a pre approval

3- Co-op or condo?

3- Find a buyer broker

Also I would add to choose your real estate attorney well. Usually your buyer broker can help you with that. A real estate attorney usually chages around $2500 or so but some that do excellent work can be found for as little as $1700 depending on the price range of the property.

Additionally, beyond getting the pre approval make sure that the bank will finance in the building that you choose. Some buildings have sponsors that still own more than 10% of the shares(co-ops) or the apartments(condos) or a higher than usual percentage of tenants. This can complicate financing and is an area very often overlooked by many real estate brokers. This as a buyer can cost you time and money and add stress. So vet the building with your lender to avoid all of that! What are your tips for a first time buyer?

1 Seaport looking for inventory financing

by  Brian Silvestry

1 Seaport developer, Fortis Group is looking to finance $270 million for the 1 Seaport condo project and also the first phase of their redevelopment of the LICH site in Brooklyn.

The 1 Seaport condo is the Financial District is 76% sold and closings were to begin in June but construction was delayed several months due to a construction worker’s death at the building in 2017.

Full coverage from The Real Deal

15 W 96th street for sale $45 million

A development site on the northern side of West 96th street on Manhattan’s upper west side is for sale for $45 million. Permits have been filed for a 22 story building with a community use facility on the bottom 5 floors and apartments starting on floor 6. The apartments are to average just north of 2000 sqft each. So perhaps the developer has not gone forward yet due to fears of a frothy luxury market.

Apparently, there is a contract to sell the community use facility for $29.8 million according to West Side Rag.

Gristedes to close Battery Park City location plus others

by  Brian Silvestry

Gristedes is pulling out of it’s 21 South end location in Manhattan’s Battery Park City. They are also closing their FiDi location as well. Due to increased competition including Whole Food’s, Eataly and all of the shops at Brookfield and Westfield, the reality is that the downtown customer has much more choices in food markets than when these stores opened many years ago.

 

Full coverage

Make my Cake expands to Upper West side

by  Brian Silvestry

Make my Cake will close their location on West 116th street and St.Nicholas avenue after 22 years due to rising rents. However, they will open a new location on Manhattan’s Upper West side at 795 Columbus avenue in the Columbus Square shopping center. They will take over the space that was occupied by Crumb’s.

 

Full coverage from NY Post

Closing costs for Manhattan property

by  Brian Silvestry

For the Seller:

Coops,Condos,residential 1-4 family
Brokerage Commission negotiable typically 6%
NYC Transfer tax:
1% of price for purchases up to $500,000
1.425% of price for purchases over $500,000
NYS Transfer tax
$2 per $500.00 of sales price
Attorney fee $1500 and up
Flip tax (depends on building) 0-5% COOPS*** Continue reading Closing costs for Manhattan property