Category Archives: Listings

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.

372 Central Park west 17U sold and closed

A studio apartment was sold in the 372 Central Park west condo, a full service building with concierge, gym, laundry, parking and storage. The asking price for the south facing estate condition apartment was $799,000 and we were able to negotiate the price down to $740,000 for our client, an investor. It’s rare to find a high floor studio, facing south in the Vaux condominium.

Current availability in the condo located at the corner of West 97th street and Central Park west, includes 4 apartments for sale and 3 apartments for rent.

Previous 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.

 

Waterline Square construction update

Waterline square the 3 building development on the West side from the exterior looks to be finished. The buildings are designed by the starchitects Rafael Vinoly, Kohn Pedersen Fox and Richard Meier.

Prices start at just over $1.8 million for 1 bedrooms with occupancy expected in Spring of 2019.

Previous coverage of Waterline Square

Available properties in Waterline Square

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.

 

Certificate of no harassment process bogged down

Recently, I applied for a certificate of no harassment(CNH) for one of my listings in the Mount Morris section of Harlem . It was a pretty straight forward process since there had only been only one tenant in the last many years. However, due to the shortage of staff at HPD it took more than 9 months to receive it.  In comparison, I went through the same process for another owner and was able to get an approval in 5.5 months. According to reps at HPD, they have many applications and lack the needed staff. Thankfully it was approved and the owner now has it and it’s valid for the next 3 years.

Upon approval of the application, they made the owner sign an affidavit of no future harassment. This is the owner’s statement that they will not harass the tenants in the future either. A future buyer will need to take the CNH along with the affidavit of no future harassment to the Buildings Department in order to get a permit to alter the building.

Previous coverage about CNH

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

50 Riverside boulevard aka One Riverside Park availability

The Extell Development building built in 2015, with a 20 year tax abatement, and 50,000 sqft of amenities currently has 9 units for sale. They are all resales, averaging approximately 10-20% more than their sold prices in 2015. The averge price per square foot is $1,878 per square foot. The average days on the market is 181 and if you remove one listing that has been for sale for 451 days, it goes down to 150 days on market.

There have been 4 sales this year and none in the last 3 months. That’s an average of 1 sale every 2 months which means the inventory would last about 18 more months.

The two resales sold this year were sold for a 100,000 or 6% profit and a $1.2 million loss, suggesting the building is roughly valued very close to the 2015 levels or less in the case of the larger apartments purchased from the sponsor.

Given that there are many more years left in this tax abatement, this might be the right time to get into this building with it’s amenity suite including the La Palestra athletic club, bowling alley and lounge, rock climbing wall and 75 foot lap pool.

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.

49 East 129th street Coming soon to the market

A 9000 sqft 12 family will be coming soon to the market. The property was built in 2007 and has a 25 year tax abatement. There are 11- 1 bedroom apartments and 1 studio. All apartments are in very good condition and the building is fully rented. Rents range from about $1500 to $1900. Nearly all tenants are being charged a preferential rent.

The asking price will be $6 million.

The building has huge upside potential as a potential condo conversion or a turnkey investment in the East Harlem area.

More details coming soon.

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.

361 West 116 street in contract

361 West 116th, an SRO building sold occupied without the certificate of no harassment has entered contract. The last asking price was $1,699,000 for this South Harlem townhouse. It had a renovated ground and 1st floor and 4 total bathrooms.

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.

Only 4 Harlem townhouses sold this year for $4 million or more

So far this year, only 4 Harlem townhouses have sold for $4 million or more. One of the four townhouses broke a record in when it sold in February of this year for $5.1 million. That was a renovated home at 72 Hamilton terrace. 

72 Hamilton terrace sold for a record breaking $5.1 million in early 2018.

Beyond that, there have been 3 other townhouses that sold for $4 million and up. 251 West 138th street, a 20 foot wide townhouse on Striver’s Row sold also sold in February for $4 million. In April and May, the other two townhouses- 139 W 120th street and 455 Lenox ave, sold.

However, according to the July Harlem townhouse report, there are 17 buildings listed at $4 million and up. With the average per month sale rate for this price point being less than 1 per month, the number of months it will take to sell the existing inventory is 30 months which means that the $4 million and up price range in Harlem is oversupplied and in a buyer’s market.

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.

 

 

382 Central Park west apt 4Y Just listed

A 648 sqft apartment with northern views has come on the market in the Olmstead condominium. The full service postwar building features a renovated lobby features, gym, and exercise studio where various classes are taught. Take a look at the video to get a sneak peak.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

Upper west side 2bd/2ba condos under $2 million

According to a search on listings website Streeteasy.com, there are 42 condo listings on Manhattan’s upper west side with at least 2 bedrooms/2 bathrooms under $2 million. The largest apartment for sale in this price range is a 1400 sqft duplex and the listings include 16 listings for $1.7 million and under.

The listings include two listings in the newly converted 350 W 71st street and overall 23 of the 42 listings are in Lincoln Square with many in the amenity rich Riverside Boulevard buildings as sellers attempt to move on from buildings with a tax abatement either recently expired or expiring soon. 7 of the 42 listings are in the Avery, at 100 Riverside boulevard which has a tax abatement expiring in 2 years. Overall, the Avery has 20 listings for sale of the 266 units.

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.