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.
Building profile, Upperwestside

80 Central Park west Building Profile

80 Central Park west, the postwar co-op that sits on the corner of 68th street in the Lincoln Square area of the Upper West side has only 3 of it’s 172 units available for sale. Given that the building, which stands at 24 stories, is so well located,  it is not surprising that 2 of those  3 units are in contract. The only available apartment is a 17th floor offering with views of Central Park as well as the midtown skyline. The apartment has monthly maintenance of just shy of $1700 and appears to be about 800-900 sqft. It is being offered for $1,875,000.

This pet friendly building has an impressive lobby, 24 hour doorman, live-in-super, garage, central air conditioning, laundry and bike storage. The building features studios to 3 bedroom apartments. In 2015, there were 2 sales and not surprisingly both of those apartments sold over their initial ask.

8C- 1bd/1.5 bath ask $1.15 million sold $1.395 million
8E     1bd/1.5bath ask $1.55 million sold $1.595 million

In 2014, 11 apartments changed hands ranging from a studio for $585k to a 2bd/2ba for $5.75 million. That apartment, 14B,  was extensively renovated and had almost 32 feet of frontage on Central Park with a wraparound balcony.

Perhaps what is most interesting about this building besides that many apartments come with terraces is the way it is a postwar building in the middle of the historical district of the Upper West side where there are many classic prewar buildings. As a result, prices are not astronomical as compared to some of it’s neighbors both north and south.

For me ,this building reminds me a little of the Park Ten at 10 West 66th street which was built around the same time and has a lovely lobby and a garage as well.

What do you think of this postwar gem?

80 cpw 2

 

Upperwestside

Bike lane coming soon to Amserdam ave on the Upper west side

Plans for the proposed bike lane on the Upper West side are moving through the pipeline according to LINK. The proposal would create a protected bike lane on Amsterdam avenue and dedicated turn lanes. As a result, car lanes would be reduced to 4 from 3.

The timing of this bike lane and proposed improvements comes at a time when there are more bicyclists on the road thanks in some small part to Citibike’s expansion on the upper west and upper east side. Currently, there are several stations on the Upper west side including one at 85th street and Central Park west.

What do you think of this plan for the stretch between 72nd street and 110th street?

Buying tips for your NYC apartment, Harlem, KipsBay, Real estate

Thinking of buying a Manhattan real estate investment property?

Several top real estate executives were interviewed and one of the fascinating questions that they asked was where they would invest $10 million dollars. The answers varied including the Kips Bay neighborhood and other up and coming areas. They didn’t mention Harlem which was a surprise and may still indicate that there is time to invest in the neighborhood where big money is quietly pouring in including Extell and other real estate heavyweights.

 

Read the full Gotham article here

 

CentralParkWest, Listings, Upperwestside

400 Central Park west apt 19T enters the Manhattan market

400 Central Park west, a 19 story condo with low monthly charges, and over 400 units has only one available condo for sale. It is apartment 19T which is a JR1 that can easily be converted to a 1 bedroom. The apartment features hard wood floors, plenty of closets, a galley kitchen and a beautiful view of the entire northern section of Central Park and a peak of the Ed Koch bridge.

The asking price is $770k. CC $402 per month and taxes $220 per month.

Part of the reason that there are so few apartments for sale is that besides Central Park, you have Whole Foods, Michael’s, TJ Maxx, Modell’s and Bare burger right around the corner. The building offers parking(wait list) for a reasonable $204 per month and has a laundry room, exercise room, bike storage and an easy sublet policy.

Full listing info

China

New policy loosens capital outflow in China

China is going to begin to allow residents of a Shanghai free-trade zone to buy overseas assets directly. This may lead to loosen of capital outflow throughout China. Currently, Chinese buyers of Manhattan real estate need to do so through a company or by smuggling cash to Hong Kong.  In September, it was reported that $194 billion left the county. What do you think looser regulations if maintained will have on the New York City real estate market?

Read the Real Deal blog post

 

Real estate, Upperwestside

Thinking of buying a NYC apt for the schools?

If you are considering buying an apartment in New York City to be zoned for a particular school, there are a couple of things to be aware.

1- Due to crowding in some public schools, there is talk of rezoning, most recently in Manhattan’s upper west side. The school in question is the desirable PS 199 on West 70th street. According to LINK, this year, there was a waitlist of almost 100 zoned students for kindergarten. As a result, there is talk about rezoning and unsurprisingly tremendous pushback from the community. The pushback comes both from parents who are zoned for PS 199 and non-parents who do not want to see the real estate values affected by a rezoning.

2-It is wise to speak to the parent coordinator for the school to see if rezoning is planned. You can find their information on the school site. They may be able help you to know if there is a planned rezoning.

 

Commercial, Retail, Soho

Google abandons idea of Soho retail store

After spending $6 million to renovate the Soho space at 131 Greene street, they put it on the sublease market asking $2.25 million per year. This was supposed to be the first of Google’s retail locations and to compete with Apple which has a well established network of stores. Just one week ago, Microsoft opened their first New York City store on Fifth avenue just 6 blocks from the Apple store.

Crain’s article

Central Park, Real estate, Upperwestside

Central Park NYC Fall folliage tour

Some of the nicest fall folliage is available for viewing just inside Central Park around the pool area near West 100th street and Park West Village. Here’s a sneak peek but make sure to hit the park before all of the leaves fall off the trees on the Upper West side.

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Fifthave, Real estate, Retail

Microsoft opens doors to Flagship store on 5th ave

On Monday, Microsoft opened the doors to it’s flagship retail store on Fifth avenue at 677 fifth avenue. The store will have 5 floors and 3 of them open to the public. It reportedly was a very busy day at the new store due to the launch of the Surface Pro 4 tablet.

The 22,369 square foot store will feature products from their partners as well including Dell.  Ideally located on Fifth avenue and 53rd street and within a stone’s throw of the Apple Store on Fifth avenue and 59th street, this will be the 113th store in the MS network.

Read the full coverage below

The Verge

WSJ

 

 

Central Park, Harlem, New Developments, Real estate

Circa Central Park new condo construction update

Circa Central Park, the building that is being constructed on Frederick Douglass Circle, is progressing nicely. Built by the same developer that brought to the market the successful One Morningside Park at 321 West 110th street, there will be a total of 78 units ranging from 1 to 5 bedrooms. Prices will start at $1.1 million and many of the homes will have panoramic views of Central Park.

Construction of 285 West 110th street aka Circa Central Park
Construction of 285 West 110th street aka Circa Central Park

321 West 110th street had 55 units and 2 bedroom/2bathrooms were sold for north and south of $2 million.  Currently, there is one apartment available of just under 1400 sqft and it is asking $2.5 million. There are also two small studios for sale. One Morningside is just one avenue west of Circa Central Park and will directly influence the prices at the new building. Expect prices in the vicinty of $2000 per square foot.

Circa Central Park will have 1 to 5 bedrooms that start at $1.1 million
Circa Central Park will have 1 to 5 bedrooms that start at $1.1 million

Circa Central Park will benefit from proximity to Central Park and Morningside Park, subway access and Harlem’s Restaurant Row.