Category Archives: Harlem

How to take advantage of the difference in pricing of 4 family versus 2 family

As you examine listings in the Harlem townhouse market, you  notice the discrepancy in price per square foot of 4 family homes versus 2 family. One idea is to buy a 4 family which in today’s market can be purchased for around $2 million or less and then begin combining the units to make a 2 or even 3 family home.  One recent 4 family that I viewed had a small studio, duplex and 2 floor through apartments. In this case, taking down one wall and you create a duplex plus two floor through apartments. Additionally, more and more you are seeing the cellar being incorporated as a game room, den, exercise room so that also can be recaptured, space.

The least expensive 3 family home in the market right now in Central Harlem is for $2.5 million. With that being the case, if you purchase a 4 family for around $2 mm or less then convert to a 3 family, you would already have equity in the difference in the pricing.

The least expensive 2 family right now in Central Harlem is over $2.8 million.

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 moving to Hamilton Heights?

CurbedNY takes a look at the Hamilton Heights neighborhood and gives you the lowdown on it.

Edgecombe avenue

I agree that it is a wonderful place to live with some of Manhattan’s most beautiful tree lined blocks. If you are looking to purchase very little is available below $2 million right now. For a property that needs work but you can live in, the starting point is just north of $2 million. Recently, I had a chance to show property  to a buyer client that had many historic details in place and was a 2 family home that could have been purchased for $2.1 million.

Continue reading Thinking of moving to Hamilton Heights?

Why does a Harlem 2 family sell for more than a 4 family?

If you examine listings on the market in Harlem, you see a price difference between a 4 family and a 2 family.  Why is that?

One reason is that the buyer for a 2 family is typically look at the purchase to gain more space and perhaps live on 3 floors and rent the garden level apartment. In a 4 family, the most common layout is a floor thru and that might be a 1 or 2 bedroom which is not going to address the space needs of a primary residence buyer. It is going to be an interesting offering for an investor or someone who wants to buy instead of renting. But these are not need based buyers so they will shop for a better price.

Another reason is that a 4 family may have been converted from SRO or some other use and the historic details that make a Harlem townhouse so appealing may not be present. Certainly, that is not always the case but many times it is. For example, I evaluated a solid 4 family townhouse in Hamilton Heights for an owner and it was 4 well maintained 1 bedrooms with a value of around $2 million more or less. A similar 2 family home in the same area that has many original details in place but in inferior condition is asking $2.3 million, or 15% more.

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.

 

June Harlem townhouse report

The June Harlem townhouse report is here and it shows less activity both in number of listings, and new sales. Only 3 sales were made during the month of June in the Hamilton Heights and Central Harlem market. 262 Lenox avenue was the most expensive sale which transferred for $2.625 million. Two SRO townhouses were sold. 102 Edgecombe avenue transferred for $1.7 million while 429 W 146 street sold for $1.645 million.

The least expensive Harlem townhouse in the market is 361 West 116th street which is being offered at $1,699,000 and is being delivered with 4 tenants at closing and without the certificate of no harassment.

June listing data

# new listings Low price High price Contracts Sales
8 $1,825,000 $4,700,000 3 3
#Total  listings Inventory
81 27 months

Harlem townhouse May report

In both April and May, nearly 20 houses were put in the market as sellers sprung into action but without the slow amount of sales, it will take quite a while to deal with all of this inventory. This means more price reductions on the way. 

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.

Take a look inside a Harlem renovated townhouse

The Baker family bought their townhouse in 2015 and it was a four family home. Their design team turned it into a 1 family home with floor to ceiling windows at their rear and exposed steel beams, duct work and sprinkler systems. The renovation created a lofty home with plenty of light and a guest room at the garden level. Their architect was Opera studio.

Curbed coverage

New condo building launching sales soon in Central Harlem

BRP Companies is getting set to launch sales at The Rennie on the site of the former Renaissance Ballroom at Adam Clayton Powell and 137th street need Harlem’s Striver’s Row. Prices will be approximately $530k to $1,700,000. The building will feature a tax abatement obtained under the former framework of the 421a program. 20% of the 130 units will be affordable. Amenities include children’s playroom, gym, rooftop deck, resident’s lounge, garden and 24 hour doorman.

Full coverage here

Only 7 new Harlem townhouse listings for sale so far this month

With only 1 week left in the month, only 7 new listings for Central Harlem and Hamilton Heights townhouses have been brought to the market in June, so far. Two of those listings were for under $2 million.

The most expensive June listings are two Hamilton Heights homes which have the same price tag of $4 million each. This is in stark contrast to the months of April and May where there were nearly 20 new listings each month and very few contracts. Full report coming next week.

May Harlem townhouse market report

Manhattan inventory increasing

According to the latest report from listings site Streeteasy, Manhattan inventory rose 16% year over year with the largest uptick in inventory being the Upper East side. On the Upper East side, the inventory increased 20.2%. According to their analysis which is consistent with what I am observing in the field, 16% of the homes on the market received discounts which is an increase year over year of 3.6%.

Recently, I showed a client a couple of townhouses in Harlem and one had an original ask of $2.99 and now is down to $2.3 million and another started at $2.75 million and now is down to $2.25 million.

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 townhouses price reductions becoming more frequent

According to the latest data, there are 85 active listings in the market on the listings website streeteasy in Central Harlem and Hamilton Heights. 36 of these listings have at one point or another been reduced from their original asking prices and some more than once. This data shows that seller’s expectations were not in line with the current market and as a result, adjustments have been made to price sometimes not once but twice. In this market, buyers are even more hesitant to get involved with buildings that have issues or are expecting more of a discount to do so.

Between April and May we saw approximately 40 new townhouse listings and few contracts. Halfway through June, only 4 Harlem townhouses have been brought to the market.

Harlem townhouse May report

Harlem townhouse April 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.

Landmarks Commission designates new historic district in Central Harlem

The LPC has approved the designation of a new historic district for Central Harlem. The stretch between West 130th street to West 132nd street between Lenox and Adam Clayton Powell encompasses 164 buildings which are mostly row houses. LPC rules take effect immediately. But with the LPC currently without a leader and reform potentially coming to the commission, the precise effect of new historic districts are unknown at this point.

Full 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.